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Home Sales Sluggish in December, But Experts Still Betting on Nashville

Posted by Scott Layson on January 20, 2019
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Nashville’s latest housing numbers for December are in. The report shows a continued trend of slowing home sales during the winter months. The report indicated an 11% decrease in home sales with a reported 2,881 sales compared to the 3,246 we saw last December.

The final numbers for the year were 39,514 home closings, which is slightly down (2.4%) compared to the 40,482 closings reported for all of 2017.

We’re still expecting to see a very strong year for Nashville’s real estate market, which is highlighted by this latest report of Top 10 Markets for 2019.

Current Prices

The median residential price for a single-family home during December was $308,000 and for condominium, it was $222,000. This compares to last year’s median residential and condominium prices of $294,000 and $209,450 respectively.

Real Estate Closings by Category

2017

2018

CLOSING

9,690

9,051

Residential

8,120

7,594

Condominium

992

988

Multi-Family

62

69

Farms/Land/Lot

516

400

 

Quotes From GNAR President

“2018 proved to be one of the best markets in Middle Tennessee history, and we are looking forward to the New Year,” said Greater Nashville REALTORS® President Andrew Terrell.

“Our local economy remains strong, and interest rates remain low which are positive for the real estate market.”

 

What’s Pending?

There were 1,867 sales pending sales at the end of December. This has decreased from the 2,471 pending we saw in December 2017.  The average number of days on the market for a single-family home was 37 days.

 

Available Inventory

Inventory at the end of December was up once again at 10,791 available homes compared to the 9,011 in December 2017. 

2018

2019

INVENTORY

9,011

10,791

Residential

6,061

7,702

Condominium

581

900

Multi-Family

62

65

Farms/Land/Lot

2,307

2,124

 

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