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Nashville Home Inventory Sees 30% increase

Posted by Scott Layson on November 19, 2018
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October housing numbers for Nashville continued the same trend we’ve been seeing since June. Home closings were down 1.6% with a reported 3,216 sales compared to the 3,267 we saw last October. For the first time in years, year-to-date home closings are down (1.1%) heading into the final months of the year. 

However, just when it seems like Nashville is heading for a buyer’s market, Amazon announces huge news for Nashville that could once again point us towards a stronger Sellers Market.

Current Prices

The median residential price for a single-family home during October was $296,355 and for a condominium, it was $220,000. This compares with last year’s median residential and condominium prices of $277,642 and $208,000

The median price for single-family homes during October was reported at $296,355. For condominiums, it was $220,000. This compares to last years median prices of $277,642 and $208,000 respectively.

Real Estate Closings by Category

20172018
CLOSINGS3,2673,216
 Residential2,7452,698
 Condominium329359
 Multi-Family2416
 Farms/Land/Lots169143

Quotes From GNAR President

Closings in October show a modest decrease of just over one percent from October last year,” said Greater Nashville REALTORS® President Sher Powers. “There is a positive opportunity for buyers purchasing homes over the fall and winter, with the increase in inventory of 3,000 single family homes, as well as almost double the number of condos that were available at this same time last year. This increase has helped to calm the market and will provide buyers and sellers with more opportunities to negotiate pricing and concessions.”

 

What’s Pending?

There were 2,576 sales pending sales at the end of October. This is down from the 3,358 pending we saw October 2017.  The average number of days on the market for a single-family home was 29 days.

 

Available Inventory

Inventory at the end of October was once again up at 12,506 available homes compared to the 9,564 in October 2017. 

20172018
INVENTORY*9,56412,506
 Residential6,5048,905
 Condominium6041,087
 Multi-Family6285
 Farms/Land/Lots2,3942,429

 

 

 

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