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Nashville Housing Market Report | June 2015

Posted by Scott Layson on July 8, 2015
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nashville real estate marketNashville continues to live up to the hype as one of the hottest real estate markets. The latest numbers are in and once again, the market continues its frenetic pace.  With a total of 3,804 closings, home sales were up 14.4% compared to last June.  The second quarter, which saw 10,302 total closings, ended strongly with a 12.3% increase in sales year over year.

Quotes from GNAR President Cindy Stanton:

 “The news is good for Middle Tennessee home sales with both second-quarter and year-to-date numbers all up compared to last year,” said GNAR President Cindy Stanton. “Every county in our reporting area showed an increase in residential sales, and more than half experienced the same in the condominium market, as well.
     “It has been a decade since our area has experienced as strong a month of June as we did this year. The continued growth with jobs, the economy and consumer confidence indicate we can expect this trend to remain.”

Sales by Category for June

June 2014
June 2015
Closings
3,324
3,804
 Residential
2,753
3,177
 Condominium
360
425
 Multi-Family
23
23
 Farm/Land/Lots
188
179

Sales by Category for 2nd Qtr

2nd Qtr 20142nd Qtr 2015
Closings
9,17010,302
 Residential
7,5418,524
 Condominium
1,0111,165
 Multi-Family
7066
 Farm/Land/Lots
548547

Year to Dates Sales by Category

YTD 2014
YTD 2015
Closings
15,33617,206
 Residential
12,53314,123
 Condominium
1,7211,964
 Multi-Family
135124
 Farm/Land/Lots
947995

Good News Again for Homeowners

This time last year the average price for a single family home was $222,000.  Homeowners in Nashville are being rewarded by a strong sellers market that now shows the median price for a single family home to be at $240,000.  An $18,000 increase is nothing to sneeze at, but May actually saw a larger percent increase than June.  The median sales price for condos rose just slightly from $171,250 to $172,500.

What Else You Should Know 

At the end of June, there were a reported 3,853 pending home sales in the Nashville area compared to 3,313 pending sales in June last year.  The average days on market is also fairly low, at only 57 days.
Inventory at the end of June was significantly down.  GNAR reported only 13,823 available homes in June, compared to last year’s 16,157

Inventory by Category

June 2014
June 2015
Inventory16,15713,823
 Residential
10,5539,179
 Condominium
1,204972
 Multi-Family
161126
 Farm/Land/Lots
4,2393,546

Need More Information?  

Feel free to contact us if you are thinking about buying or selling a home in Nashville.

 

View prior Nashville real estate market reports

 

 

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