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Nashville Homes Sales Slow Down Two Months in a Row

Posted by Scott Layson on March 19, 2018
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In it’s latest market report, The Greater Nashville REALTORS® showed that home sales decreased in February by 1.6% compared to this time last year. Overall there were 2,466 home closings last month in Nashville, which is down from the 2,507 home sales we saw in February of 2017. Year to date closings are also down 3.1%. A big part of the reason for this is the shrinking home inventory, however we could see some relief as the city has made it more difficult for investors to buy homes for short-term rental properties. We may already be seeing the results of this as the number of pending homes sales at the end of February was up a whopping 14% compared to last year.

NASHVILLE MARKET STATS FEB 2018

There is good news for homeowners though as the average homes sales price continued to climb. The average for single family homes was $289,093 and $214,250 for condos & townhomes. This compares to last year’s numbers of $258,950 and $192,400, respectively. The average days on market was 36, which is just slightly longer than the the 34 days we saw this time last year.

Real Estate Closings by Category

20172018
CLOSINGS2,5072,466
Residential2,0381,996
Condominium286250
Multi-Family3932
Farms/Land/Lots144188

 

Quotes From GNAR President

“As spring approaches, housing inventory is expected to increase, as will housing competition” said Powers. “The desirability of living in Greater Nashville has caused limited supply, particularly in the entry level and up to the median point price ranges. This is an opportunity to have conversations with affordable housing providers regarding new construction, infill and density.”

 

What’s Pending?

There were 3,307 pending sales at the end of February compared to the 2,899 pending sales at this time last year. Inventory at the end of February was 8,359, down from 8,464 in February 2017. The current inventory of properties by category is:

20172018
INVENTORY8,4648,359
Residential5,3805,569
Condominium487548
Multi-Family7656
Farms/Land/Lots2,5212,186

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