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Home Sales Up 15.7% for January in Nashville

Posted by Meghan Caldwell on February 10, 2020
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The Greater Nashville REALTORS® reported 2,632 home sales for January. This is an impressive increase of 15.7% from the 2,274 home sales we saw this time last year. The average price for a single-family home in January also saw an increase of 4.2% with an average of $305,950. The average condo sales price was $239,000 which was even larger increase at 19.4%.

Even though inventory was down by 15.6%, pending sales were up by 9.3% and average days on market remained unchanged at 40 days. This confirms that Nashville homebuyers are still very active heading into the spring buying season. 


 

Current Home Values

The median residential price for a single-family was $305,950 and for condos, it was $239,000. This compares to last year’s median residential prices of $293,650 and condo prices of $200,100.

Real Estate Closings by Category

20192020
CLOSINGS2,2742,632
Residential1,8882,152
Condominium247299
Multi-Family1826

Quotes From GNAR President

“The housing market is off to a great start for 2020,” said Kristy Hairston, Greater Nashville Realtors® president. With increased sales in January, a large number of pending sales and low mortgage rates, February looks to be another active month in the Greater Nashville Area.”

What’s Pending?

There were 3,117 sales pending sales at the end of January. This was an increase from the 2,853 pending sales we observed last year.  The average number of days on the market for a single-family home was 40 days.

Available Inventory

Inventory at the end of January was significantly lower with a reported 9,410 available homes in comparison to the 11,150 in January 2019.

20192020
INVENTORY11,1509,410
Residential7,7996,588
Condominium981808
Multi-Family11849
Farms/Land/Lots2,2521,965

 

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