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Nashville Housing Market Update | August 2015

Posted by Scott Layson on September 9, 2015
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nashville real estate marketThe Greater Nashville Association of Realtors has just released the market report for August, which shows home sales continuing their hot pace.   August saw 3,770 closings, which was a 16.7 % increase compared to last year’s 3,226 closings.
Overall, Year-to-date home closings for the Greater Nashville area have increased 13.7 percent compared to 2014.   We have seen 24,808 closings this year, which is about 3,000 more than what we saw this time last year.

 

Quotes from the GNAR President:

“For the fourth consecutive month and the seventh time this year, our region has seen a double-digit increase in area home sales,” said GNAR President Cindy Stanton. “Year-to-date we have already had more closings than 2008, 2009, 2010 and 2011 saw in their respective full years. We are on pace to finish 2015 with the type of annual sales we experienced a decade ago.”

 

Sales by Category for August

Aug. 2014
Aug. 2015
Closings
3,226
3,770
 Residential
2,676
3,173
 Condominium
363
410
 Multi-Family
3534
 Farm/Land/Lots
152153

Less Days on Market

The squeeze on inventory continues to affect days on market for listed properties in the Nashville area.  Last August the average DOM was 64 days, compared to only 54 this past August.  Also, at the end of the month there were a recorded 3,647 sales pending, compared with 3,062 pending sales at this time last year.

Home Values Are Flat 

The median residential price for a single-family home during August was $235,000, and for a condominium it was $169,000. This compares with last year’s median residential and condominium prices of $219,000 and $169,000, respectively.

GNAR President, Cindy Stanton stated that “The median price for residential homes increased over last year while remaining virtually flat compared to last month.”  This could be good news for some buyers as she went on to say that “Condominium prices have also remained nearly unchanged compared to this time last year and last month. This stabilization of prices is a healthy indicator for our market.”

Home Inventory by Category

Aug. 2014
Aug. 2015
Inventory15,47713,511
 Residential
10,1068,904
 Condominium
1,045988
 Multi-Family
150124
 Farm/Land/Lots
4,1763,495

Need More Information?  

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

 

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