Nashville’s housing numbers in November took somewhat of a hit as we saw a 7% decrease in reported closings. There were 2,954 home sales compared to the 3,177 we saw this same time last year. Year-to-date home closings are at 36,633 which is also slightly down (1.6%) compared to the 37,236 closings over the same time period in 2017.
However, there is a silver lining as reported pending home sales were up almost 6%. This is a good sign that the market is very active as we expect it to be for 2019.
The median residential price for a single-family home during November was $295,000 and for a condominium, it was $221,250. This compares to last year’s median single-family and condo prices of $285,000 and $216,751 respectively.
Real Estate Closings by Category
Quotes From GNAR President
“November closings show a moderate decrease compared to this time last year,” said Greater Nashville REALTORS® President Sher Powers. “To counter that, we do see higher numbers for pending sales going into December, which means it’s likely to balance the year with sales volume very similar to last year’s totals.”
Powers continues, “Pricing is still showing an increase for the month but at a calmer rate. With 25 percent more inventory on the market than last year for December, this continues to be a good time for buyers to find a home.”
There were 3,076 sales pending sales at the end of November. This was an increase from the 2,906 pending we saw in November 2017. The average number of days on the market for a single-family home was 33 days.
Inventory at the end of November was up once again at 12,004 available homes compared to the 9,454 in November 2017.
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