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Nashville Housing Market Report| May 2015

Posted by Scott Layson on June 28, 2015
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nashville real estate marketNashville’s real estate market continues to grow stronger according to the latest numbers released by the Greater Nashville Association of REALTORS®.  The report for May showed 3,558 closings, which is a 15.6 percent increase from May of 2014 when we had 3,079 closings reported.

Year-to-date closings are at 13,402, which is an 11.6 percent increase compared to the 12,012 closings reported through May 2014.

Nashville Real Estate by The Numbers

 

MAY 2014

MAY 2015

CLOSINGS

3,079

3,558

 Residential

2,544

2,953

 Condominium

347

411

 Multi-Family

21

19

 Farm/Land/Lots

167

175

What the Experts Have to Say

GNAR President Cindy Stanton stated that “The summer is always a hot time for home sales. Middle Tennessee hasn’t seen a month of May this strong since 2007.  This is the first time since June of 2007 that we have exceeded 3,500 units sold in one month. The steady increase in home sales is the sign of a vibrant market.”

“The excitement continues with the number of pending home sales. There were 3,730 pending sales at the end of May. We haven’t experienced pending sales numbers like these since June of 2006. While not all of those pending sales may make it to the closing table, they are a good indicator of the the solid activity in the housing industry we can expect in the coming months.”

Nashville Home Sales by Category 

The report from GNAR shows that there were 3,730 sales pending at the end of the month.  Last year at this time, there were 3,108 pending sales.  Homes continue to sell quicker, as average days on market was 61 days compared to 66 days last month.

Homeowners were also rewarded with increasing home values as the median residential price for single-family homes in May was $235,000 and for condominiums it was $175,000. This is a huge increase compared to last year’s median residential and condominium prices of $209,900 and $174,000, respectively.
As has been the case all year, home inventory is still one of the major hurdles in our market.  Inventory at the end of May was 13,764, down from 15,962 in 2014. Below is a chart showing the current inventory of properties by category, compared to last year:

 

MAY 2014

MAY 2015

INVENTORY

15,962

13,764

 Residential

10,414

9,067

 Condominium

1,128

980

 Multi-Family

146

130

 Farm/Land/Lots

4,274

3,587

According to Stanton, home inventory is still the biggest hurdle with just a “three month supply for single family homes and two months for condominiums.  Many properties rapidly leave the market and some never make it to be listed in the multiple listing service.”  

This is one of the main reasons we will usually put our clients on daily listing alerts as well as network with other Realtors to see what new properties are coming on the market.  If you are starting your home search in Nashville, feel free to connect with us, so that we can help you find the right property quickly.

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View prior Nashville real estate market reports

 

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