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Nashville Home Sales Continue to Climb in October

Posted by Meghan Caldwell on November 25, 2019
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In the latest market report, the Greater Nashville REALTORS® revealed 3,742 home sales for October, which was a huge jump of 16% compared to the 3,216 home closings we saw this time last year. Home values also continued their steady increase as we saw single-family homes up 7% and condos up 6%.

The days on market have increased slightly by 3 days. Meanwhile, pending sales were up considerably by 21% proving that Nashville is not in any danger of in the near future of a housing downturn. 


 

Current Home Values

The median residential price for a single-family was $316,702, and for condos, it was $233,900. This compares to last year’s median residential prices of $296,355 and condo prices of $220,000.

Real Estate Closings by Category

20182019
CLOSINGS3,2163,742
Residential2,6983,116
Condominium359428
Multi-Family1623

Quotes From GNAR President

“We have seen another recording-breaking month,” said Andrew Terrell, Greater Nashville Realtors® president. The 16 percent increase in home sales comes as no surprise as we rounded out September with 3,181 pending home sales. If the market follows this trend, we should see a healthy outcome for November based on the 3,127 pending sales for October.”

What’s Pending?

There were 3,127 sales pending sales at the end of October. This was an increase from the 2,576 pending sales we observed last year.  The average number of days on the market for a single-family home was 32 days.

Available Inventory

Inventory at the end of September was marginally lower with a reported 11,435 available homes compared to the 12,506 in October 2018.

20182019
INVENTORY12,50611,435
Residential8,9058,164
Condominium1,087922
Multi-Family8562
Farms/Land/Lots2,4292,287

 

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