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Nashville Home Values Up, Inventory Down in October

Posted by Scott Layson on November 5, 2015
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Nashville is one of the hotter real estate markets in the country, but it has seen a cool down the last few months, where home sales have essentially remained flat for the last 3 months.  This however, is to be expected heading into winter and is a signal that we are in a normal heathy market.

Nashville market report - Oct 2015

For the month of October there were 3,030 home closings which is up only slightly by .5 percent from the 3,015 closings reported in October 2014.  Home values also saw an increase year over year as the median residential price for single-family homes for October was $230,000, and condominiums was $171,737.   This compares with last year’s median residential and condominium prices of $205,900 and $165,000, respectively.

The year as a whole is looking to finish strong as year-to-date closings are at 31,282 compared to last year’s 27,957 closings. This represents an increase of 11.9 percent for 2015 so far.

Quotes From the GNAR President:

 “We are in the last quarter of the year, a time when the real estate market typically begins a seasonal slowdown,” said GNAR President Cindy Stanton. “While closings weren’t up by double digits, the market didn’t technically slow down; it merely maintained. A region looks for steady activity and growth to sustain its vitality. The leveling-off in sales is actually a good sign for the health of our market.”

“The Nashville market rose a spot to 14 in Realtor.com’s rankings of the country’s 20 hottest real estate markets for October. This is encouraging news for both current and potential buyers and sellers as we move toward to the end of the year,” added Stanton. “At this point in the year, we’re about two thousand units away from surpassing last year’s total annual sales. There’s no evidence to show we won’t accomplish that this month and finish the year strongly.”

Sales by Category for October:

October 2014 
October 2015
 CLOSINGS
 3,015
 3,030
  Residential
 2,485
 2,519
  Condominium
 332
 328
  Multi-Family
 24
 18
  Farm/Land/Lots
174
 165

What’s on the Books:

Per GNAR’s report, there were 2,905 sales pending at the end of the month, compared to 2,730 pending sales last October.  Homes are moving quicker as well with an average days on market of 58 days, which is 10 days quicker than this time last year.

Inventory remains lower than 2014 numbers as we saw only 12,894 homes available this October, compared to 15,051 in October 2014.]

Nashville Home Inventory by Category

October 2014
October 2015
 Inventory
15,051
12,894
  Residential
9,609
8,576
  Condominium
972
873
  Multi-Family
143
110
  Farms/Land/Lots
4,327
3,335

Contact us if you are thinking about buying, selling or investing in a home in Nashville.

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