How strong was the real estate market in March? Well, to be exact, it was just 97 units short of beating Nashville’s best March on record according to GNAR President Scott Troxel. Overall there were 3,420 home sales for the month of March, which represents an 8.9 percent increase compared to the 3,141 closings in March 2016.
Current Home Values
The average price for a single-family home during this period was $273,500 and for a condos/townhomes it was $199,900. Last year’s average residential and condo sales prices were $245,000 and $181,894, respectively.
Real Estate Closings by Category
Quotes From GNAR President
“A stronger economy and growing consumer confidence enable our region to continue to experience positive growth that rivals our market’s best years.”
“Mortgage interest rates have risen slightly in the past month, which can nudge potential buyers to act more quickly,” said Troxel. “Interest rates are very important for homebuyers and they get that. The rate can begin to impact whether a buyer can qualify for the home they want. Locking in at the lowest interest rate is a motivating factor for many buyers.”
At the end of March there were 3,602 sales pending. This is up from 3,285 pending sales we saw at this time last year. Also, the average number of days on the market for a single-family home was 50 days.
Nashville Home Inventory by Category
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