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Winter Weather Doesn’t Stop Nashville Homebuyers in January

Posted by Scott Layson on February 9, 2016
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2015 was a record breaking year for real estate in Nashville and we’re already seeing a continuation of the strong market for 2016 as the housing stats for January have just been released.  According to the Greater Nashville Association of REALTORS® there were 2,167 home closings for the month of January, which is up 9.7 percent from the 1,976 closings we saw for the same period last year.

Nashville Housing Market Jan 2016

Current Home Values

Home values in Nashville saw a huge increase for the month of January. The latest report shows the median residential price for a single-family home for last month was $242,668 and $179,900 for condos and townhomes. This is quite the jump from last year’s median residential and condominium prices of $215,000 and $172,250, respectively although it is actually down from December’s numbers.

Sales by Category for January

January 2015January 2016
CLOSINGS1,9762,167
 Residential1,5891,814
 Condominium236217
 Multi-Family1827
 Farms/Land/Lots133109

Quotes from the GNAR President

“As expected, 2016 home sales picked up where 2015 left off. Closings were up almost 10 percent over January of 2015,” said GNAR President Denise Creswell. “Beginning the year with over 2,000 closings is an encouraging start. The last time our region saw a January with more than 2,000 closings was 2007. Our January numbers have consistently increased since 2010.

“The continuing upward trend in home sales is a positive, however there are challenges to housing that still need to be addressed,” continued Creswell. “Most notably is the need for more affordable housing. Many buyers are going outside of the Greater Nashville area to find more affordable options, so hopefully soon there will be some additional programs in place to provide more economical options for buyers.”

“Despite inventory levels being down from a year ago, they are up from December of last year,” said Creswell. “Buyers are looking for options and, with spring on the way, we expect some additions to inventory. It’s not too soon to begin thinking about placing your home on the market, and getting ahead of the spring season could be an advantage.”    

Nashville Home Inventory by Category

Lack of housing inventory was a major storyline for 2015, so it was nice to see that January had an increase over last month’s numbers. Although the current inventory of 11,352 homes is still down compared to last January’s 12,663. The current inventory of properties by category, compared to last year, is:

 January 2015January 2016
INVENTORY12,66311,352
 Residential8,0367,473
 Condominium795703
 Multi-Family10994
 Farms/Land/Lots3,7233,082

What’s Pending?

There were 2,212 sales pending at the end of the month, compared with 2,204 pending sales at this time last year. Home’s are also moving quicker off the market as we saw an average days on market of 64 days compared to last year’s 77 days. 

Thinking about buying or selling a home in Nashville? 

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