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Nashville Real Estate Market Report | APRIL 2015

Posted by Scott Layson on May 16, 2015
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Looking back at April’s numbers, the Nashville real estate market continues it’s strong performance.  Homeowners who have decided to sell their home are being rewarded with increased values once again.  The average sales price for single family homes in April was $224,975 compared to this time last year when it was $204,905.  Condo’s values in Nashville are also up more than 7% with an average sales price of $169,640.

“April followed the trend of upward home sales that our region has been experiencing for some time now. We are keeping with the slight increases in both sales and median price, which keeps our market healthy and stable,” said Cindy Stanton, GNAR President. “The combination of low interest rates and continued growth and confidence in the job market, like the recent General Mills expansion announcement, has spurred more buyers into the marketplace.”

April stats

April stats-1

 Breakdown of Nashville Home Sales by Category

 

April 2014

April 2015

CLOSINGS

2,767

2,940

 Residential

2,244

2,394

 Condominium

304

329

 Multi-Family

26

24

 Farm/Land/Lots

193

193

As of the end of the month, there were 3,198 home sales pending in Nashville compared to last year’s 2,795.  It comes as no surprise with more buyers entering the market and low inventory that the days on market went down from 70 days on market to 66 days.  Inventory of homes is still at a premium and is down over 10% compared to last April.

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Stanton stated that “Inventory is increasing as predicted, but not at the rate that can keep up with demand,” and that “The demand on the limited inventory has prompted buyers to get a head start on the spring buying and selling season, setting us up for a busy summer.”

Inventory of properties in Nashville by category

 

 

April 2014

April 2015

CLOSINGS

2,767

2,940

 Residential

2,244

2,394

 Condominium

304

32

 Multi-Family

26

24

 Farm/Land/Lots

193

193

Year-to-date home closings in Nashville at the time of this report were at 9,844. This represents a 7.8 percent increase compared to the 9,133 closings reported through April 2014.

What this means to homeowners in Nashville:

The news continues to be excellent for anyone thinking about selling their home.  We are seeing multiple offers constantly on homes that are priced right, in good condition and in preferred locations.  Home inventory is needed badly in the Nashville housing market, which means homeowners are seeing a nice return when they go sell.

What this means for homebuyers in Nashville:

If you are looking to purchase a home in Nashville, I’m sure you’ve already noticed that most homes for sale do not stay on the market very long.  As always, you will want to have all your financing in place, so you can move quickly once you find your dream home.  Also, it’s helpful to take the emotion out of the process and understand the current state of the housing market.  Sellers are much less likely to offer incentives such as closing costs and repairs during multiple offer situations, especially if they have backup offers on the property.

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View prior market reports

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