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Nashville Home Sales Up for February

Posted by Meghan Caldwell on March 12, 2020
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In the latest market report provided by the Greater Nashville REALTORS®, there were a reported 2,798 home sales for the month of February. This 10% increase was up considerably from the 2,536 home sales we saw this time last year. The average price for a single-family home in February also saw an impressive increase of 8.7% with an average of $320,000. The average condo sales price was $234,990 which was an even larger increase at 9.3%.

Even though inventory was down by 15.4%, pending sales were up by 17.8% and average days on market decreased 4 days to 39 days. The spring buying season is upon us and now is a good time to get a head start on finding your perfect home while mortgage rates are incredibly low. 


 

Current Home Values

The median residential price for a single-family was $320,000 and for condos, it was $234,990. This compares to last year’s median residential prices of $294,486 and condo prices of $214,900.

Real Estate Closings by Category

20192020
CLOSINGS2,5362,798
Residential2,0862,319
Condominium301321
Multi-Family1927

Quotes From GNAR President

“Our housing market is continuing to stay on a steady accent forward compared to 2019,” said Kristy Hairston, Greater Nashville Realtors® president. “Median home sale prices also continue to rise, which is on trend with other markets across the nation.”

What’s Pending?

There were 3,504 sales pending sales at the end of February. This was an increase from the 2,974 pending sales we observed last year.  The average number of days on the market for a single-family home was 39 days.

Available Inventory

Inventory at the end of February was lower with a reported 9,093 available homes in comparison to the 10,745 in February 2019.

20192020
INVENTORY10,7459,093
Residential7,4746,330
Condominium932784
Multi-Family6951
Farms/Land/Lots2,2701,928

 

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