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Nashville Housing Market Update | July 2015

Posted by Scott Layson on August 9, 2015
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nashville real estate marketThe Nashville real estate market continues its furious pace as reported in the latest update from GNAR.   There were almost 500 more closings this July compared to July 2014.  The total of 3,832 home closings reported last month  represented a 17.6 percent increase from the 3,258 closings reported for the same period last year.

Quotes from the GNAR President:

“The Greater Nashville area continues to reap the benefits of an active and healthy housing market,” said GNAR President Cindy Stanton. “Last month we were a few units shy in the residential market alone of surpassing the total of units closed for all of July 2014.”

 

“According to data from Realtor.com, Nashville has one of the lowest rates for days on market in the country,” said Stanton. “That is in part due to the lower inventory of available properties, and part because we have such a high demand of buyers looking to make a move.”

“Today’s Metro Nashville elections are critical for maintaining our healthy market. Managing Nashville’s growth is a high priority with a direct impact on our housing industry. These new leaders will have a big responsibility in finding solutions on issues that affect current and future citizens, like transit and affordable housing.”

Sales by Category for July

July 2014
July 2015
Closings
3,258
3,832
 Residential
2,728
3,224
 Condominium
352
435
 Multi-Family
3623
 Farm/Land/Lots
142150

Days on Market is Down

Pending homes sales are also up from this time last year.  Last July there were 3,708 sales pending sales compared with 3,201 pending sales at this time last year. A good sign that properties are moving quickly is that the average number of days on the market for single-family homes was down to 57 days compared to last year’s 64.

Home Values Down Slightly

The median home values in July for single family homes and condos was $234,900 and $161,500 respectively.  This was an increase for single-family homes, which last July saw an average of $221,000, but condos were down from $170,000 a year ago.  Also, median values for single-family homes in June were about $5,000 higher than July, which could signal that the market prices are starting to level out from their ferocious pace this year.

As has been the case all year, home inventory continues to be an issue.  Inventory at the end of July was 13,728, which was down from 15,919 in July 2014. Below is the current inventory of properties by category vs last year:

Inventory by Category

July 2014
July 2015
Inventory15,91913,728
 Residential
10,4079,094
 Condominium
1,141965
 Multi-Family
156116
 Farm/Land/Lots
4,2153,556

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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