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Nashville’s Housing Market Closes Out A Great Year With A Solid December

Posted by Scott Layson on January 8, 2016
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It’s time to wrap up the year and see how the Nashville real estate market performed in 2015. According to the latest numbers released by the Greater Nashville Association of Realtors, it looks like it was a pretty solid year overall. Total home closings for 2015 were at 36,873 .  This compares to the 33,269 closings in 2014, which was a 10.8% increase in year over year sales.

Nashville Real estate market - Dec 2015

For December, there were 3,194 closings, which made for a solid 12.5 percent increase compared to last December’s 2,838 closing.  The 4th quarter as a whole also finished stronger than last year with a total of 8,621 closings for Greater Nashville which represented a 3.5 percent increase.

Current Home Values

The average price for both residential properties and condos/townhomes saw an increase in December. The average single-family home price was $242,945 while condos/townhomes were at $194,183. This is a substantial increase compared to last year’s average residential and condo prices of $213,500 and $172,999, respectively.

Sales by Category for December:

December 2014

December 2015

CLOSINGS

2,838

3,194

 Residential

2,354

2,541

 Condominium

329

466

 Multi-Family

30

22

 Farm/Land/Lots

125

165

Quotes from the GNAR President

“December proved to be a strong month for home sales in the Nashville area. This marks the strongest December home sales our area has experienced since closing 3,109 units in 2006,” said GNAR President Denise Creswell. “The number of pending sales is a good indicator for January. This is also the highest number of pending units, over 2,600, we have seen since 2006.”

“It has been nearly a decade since our real estate market has seen this much activity and positive growth,” said Creswell. “We ended 2015 with 36,873 units closed. Again, that’s the most annual closings we have had since 2006. Staying on a sustainable growth track, coupled with continued good reports on the economy and job market should make this year another successful and favorable one for both current and potential homeowners.”

“Many of the factors necessary for healthy real estate markets are set to continue in 2016, including consumer confidence in both the economy and homeownership,” said Creswell. “For those desiring to get the most out of a purchase or sale this year, now is the time to make that move. Getting ahead of the spring rush gives buyers and sellers a definite inventory advantage. There are many equipped Realtors in Middle Tennessee ready to assist you with your real estate transactions this year.”

 Nashville Home Inventory by Category

As has been the case all year, there were not enough homes on the market to meet the high demand in Nashville. Inventory at the end of December was 10,846, down from 12,093 in December 2014.

December 2014

December 2015

INVENTORY

12,093

10,846

 Residential

7,623

7,059

 Condominium

721

633

 Multi-Family

116

108

 Farm/Land/Lots

3,633

3,046

What’s Pending

2016 figures to start off on the right foot as there were 2,678 reported sales pending at the end of December. This is up from last 2,458 pending sales at this time last year. The average number of days on the market was 61 days, which is very solid compared to last December’s 72 days average DOM.

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