The Greater Nashville REALTORS® reported 3,704 home sales for September. This was an impressive increase of 13.7% from the 3,258 home closings we saw this time last year. Home values also continued their constant rise as we saw single-family homes up 9.7% and condos up 8.2%.
Although the average days on market increased by 2 days, pending sales were up exponentially, reminding us that more and more homebuyers are flooding the market due to favorable conditions.
Current Home Values
The median residential price for a single-family was $318,000, and for condos, it was $236,000. This compares to last year’s median residential prices of $290,000 and condo prices of $218,150.
Real Estate Closings by Category
Quotes From GNAR President
“Home sales stayed strong through the third quarter across Middle Tennessee,” said Greater Nashville REALTORS® President, Andrew Terrell. “The Greater Nashville area has proven to be very attractive for businesses relocating to the area, thus increasing the population of our region and fueling economic activity.”
There were 3,181 sales pending sales at the end of September. This was an increase from the 2,662 pending sales we observed last year. The average number of days on the market for a single-family home was 32 days.
Inventory at the end of September was marginally lower with a reported 11,447 available homes compared to the 12,415 in September 2018.
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