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Nashville Housing Market Gets Put on Ice in January

Posted by Scott Layson on February 27, 2018
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Much like the frigid weather that we experienced last month, the Nashville real estate market cooled off a bit in January. We saw a 4.7 percent decrease in home closing with a reported 2,298 sales, compared to the 2,411 we saw this time last year. Of course 2017 was a record year for real estate, so I wouldn’t exactly say that we’re in a slump. The icy weather conditions probably didn’t help either. 

The good news for homeowners is that we still saw an increase of 7.6% for single family homes and an impressive 14% percent increase for condos. The average sales price for a single-family home in January was $281,500 and for condos it was $210,098. This compares with last year’s median residential and condominium prices of $261,500 and $184,350, respectively.

Nashville real estate stats Jan 2018

 

Real Estate Closings by Category

 20172018
CLOSINGS2,4112,298
 Residential1,9441,877
 Condominium313251
 Multi-Family2713
 Farms/Land/Lots127157

 

Quotes From GNAR President

“Colder months are by nature tougher on the housing market,” said Greater Nashville REALTORS® President Sher Powers. “It’s not surprising to see home sales in the Middle Tennessee region take a slight downturn in January. Our area saw a full week of very cold temperatures and snow. This type of weather is hard on home buyers and sellers alike.

“Based on market data, REALTORS® knew the push-and-pull of a constrained supply and rising home prices would eventually lead to a pause. The good news is pending home sales continue to rise, an indication that there is more to come in our housing market.”

“Though still up compared to January 2017, residential home prices also declined slight in January. Economists with realtor.com have forecasted home prices to rise in 2018, but with more moderate gains compared to 2017,” said Powers. “While we know inventory will continue to be somewhat of a challenge, a flatter rise in home prices should be a boost to potential buyers.”

 

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