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Nashville Home Values are up 13.5% – National Average is 8.7%

Posted by Scott Layson on November 8, 2016
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So much for a real estate slowdown heading into the winter months. The latest numbers released by the Greater Nashville Association of REALTORS® show that there were 3,324 home closings for the month of October. This is a 9.7% increase over last year’s numbers of 3,030 closings.

For the year there are a reported 32,696 closings, which is translates to a 4.5% increase compared to the 31,282 closings we saw through October in 2015.  

Nashville real estate market October 2016

Current Home Values

During October the average sales price for a single-family home was $261,000, and for a condos/townhomes it was $186,000. This represents a 13.5% (11% YTD) and 8.3% increase in values respectively. This data shows that Nashville single-family home’s values are far outpacing the national average of 8.7%.

Real Estate Closing by Category

October 2015 October 2016
CLOSINGS3,0303,324
 Residential2,5192,758
 Condominium 328 377
 Multi-Family1816
 Farms/Land/Lots165 173

Quotes From GNAR President

“We are continuing to sell more homes with effectively less inventory every month, and that’s keeping the Nashville market among the hottest in the country,” said Creswell. “We finished 19th on the list of the hottest markets for October according to Realtor.com, and were the only southern state, not including Texas, to make the list. Even if sales remain flat for November and December, our region is set to finish ahead of 2015 with overall sales.”

“We have entered the final quarter of 2016 in the best possible way,” said GNAR President Denise Creswell. “Our housing market is maintaining the kind of stable growth needed to sustain a healthy market in the last few months of the year. These mild gains in sales are exactly what it takes to build the foundation for a solid housing market in 2017.”

What’s Pending?

We saw a nice increase in pending home sales at the end of the month as well. There were a reported 3,306 sales pending, compared to the  2,905 pending sales we saw this time last year. The average number of days on the market was also down 7 days at 51 days on market.

Nashville Home Inventory by Category

October 2015 October 2016
INVENTORY12,894 11,785
Residential 8,576 7,925
Condominium873 789
Multi-Family110 112
Farms/Land/Lots3,335 2,959

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