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Nashville Sees Record Breaking Home Sales in April

Posted by Scott Layson on May 14, 2019
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In it’s latest market report, the Greater Nashville REALTORS® announced 3,479 home sales for April, which was a 1.8% increase from the 3,419 home closings we saw this same time last year.  You may be thinking that 1.8% doesn’t sound like a significant increase, but Nashville has never seen more home sales in April than it did this year.

To put it simply, these sales numbers are historic.

Additionally, we are beginning to see major growth in home inventory which gives homebuyers more options when looking to purchase a home.

 

 

Current Prices

The median residential price for a single-family was $306,970, and for condos, it was $229,990. This compares to last year’s median residential prices of $295,000 and condo prices of $222,750.

 

Real Estate Closings by Category

20182019
CLOSINGS3,4193,479
Residential2,7852,855
Condominium421417
Multi-Family2721

Quotes From GNAR President

“April home sales did not disappoint,” said Greater Nashville REALTORS® President, Andrew Terrell. “ With record-breaking sales volume for April, we are exceedingly optimistic about the growth we see in the Middle Tennessee housing market.”  

 

What’s Pending?

There were 3,833 sales pending sales at the end of April. This was a substantial increase from the 3,430 pending sales we saw last year.  The average number of days on the market for a single-family home was 37 days.

 

Available Inventory

Inventory at the end of April was still on the rise with a reported 11,627 available homes compared to the 8,876 in April 2018.

20182019
INVENTORY8,87611,627
Residential5,9478,253
Condominium617960
Multi-Family7078
Farms/Land/Lots2,2422,336

 

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