Many of our clients have relocated from other cities where the housing market is is still going through a recovery phase. Nashville, on the other hand, continues to be a hot seller’s market where it has almost become the norm to be in multi-offer situations. Great for sellers. Frustrating at times for buyers.
According to the latest report just released by the Greater Nashville Association of Realtors, there were 3,122 home closings reported for the month of September, which is up 19 percent from the 2,626 closings reported for the same period last year. Year to date, Nashville is up 5.2 percent with 24,942 homes closed to date compared to the 23,720 closings this time last year.
Spreading the love
What’s encouraging, is that the growth is not just restricted to one specific part of town in the Nashville metro area. GNAR President Hagan Stone stated, “between July and September, nearly every county in our area saw increases in residential sales, condominium sales or both. These numbers are strong indicators that Middle Tennessee remains healthy and vibrant as we move into the fourth quarter.
Stone went on to say that other strong economic indicators will continue to fuel the Nashville housing market such as “Under Armour’s distribution center in Mt. Juliet, the opening of the Mars Petcare Global Innovation Center in Thompson’s Station and the groundbreaking on HCA’s Capitol View development will have a positive impact on area home sales in the coming year.”
Other interesting market stats
Average Number of Days on Market: 68 Days
Average Sales Price for Single-Family Home: $211,400 ($195,660 in 2013)
Average Sales Price for Condominium: $162,000 ($159,092 in 2013)
Inventory is the story
The only knock on our housing market right now is the lack of inventory. Stone added that “inventory remains at a lower level than we would prefer. As we enter the cooler months and holiday season, fewer sellers will enter the market.” “For those considering selling your home, be sure the property is prepared, properly priced and presentable. With one of the strongest markets in the country, now is definitely the time to make the move.”
What does this mean?
My takeaway from all of this, is that for homeowners, it’s an ideal time to test the market. For homebuyers, there are not as many deals out there because of the lack of inventory.
Your best chance of landing the house that you love, is to speak with a lender before you start your home search so that you have all your financing in place. This allows you to move quickly on a property and hopefully avoid a multiple offer scenario. Also, most of our clients are set up to receive home alerts whenever a new property hits the market. These two actions will put you in a better position to beat out the competition for your dream home.