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Nashville Home Sales Jump 9.9% in July

Posted by Meghan Caldwell on August 19, 2019
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The Greater Nashville REALTORS® reported 4,189 home sales for July―an impressive increase of 9.9% from the 3,812 home closings we saw this time last year. This is complemented by an increase in average price for both single-family homes and condos.

Although the average days on market has increased 6 days, pending sales were up by 8%, making July an extremely active month for home buyers.


 

Current Home Values

The median residential price for a single-family was $316,000, and for condos, it was $227,000. This compares to last year’s median residential prices of $307,000 and condo prices of $222,750.

 

Real Estate Closings by Category

20182019
CLOSINGS3,8124,189
Residential3,2323,517
Condominium378479
Multi-Family4124

Quotes From GNAR President

“We are excited to see that home sales continue to increase across the region,” said Andrew Terrell, Greater Nashville REALTORS® president. “According to the National Association of Realtors, 65 percent of consumers nationwide say it is an excellent time to buy a home as stated in their HOME Survey Housing Opportunities and Market Experience released in June 2019.”

What’s Pending?

There were 3,483 sales pending sales at the end of July. This was an increase from the 3,347 pending sales we observed last year.  The average number of days on the market for a single-family home was 31 days.

Available Inventory

Inventory at the end of July was slightly lower with a reported 11,550 available homes compared to the 11,671 in July 2018.

20182019
INVENTORY11,67111,550
Residential8,3238,244
Condominium927916
Multi-Family9165
Farms/Land/Lots2,3302,325

 

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