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Nashville’s Real Estate Market Closes 3rd Quarter Strongly

Posted by Scott Layson on October 13, 2015
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As the latest real estate sales numbers for the Nashville area are being reported, we are seeing once again that this year’s activity continues to outpace last year.  The Greater Nashville Association of REALTORS® stated that there were 3,444 home closings for the month of September.   That is an increase of 10.3 percent from the 3,122 closings reported for the same period in 2014.

Nashville real estate market sept 2015

Overall closings for the 3rd Quarter are 11,046, which is 15% higher than last years closings of 9,606Our year to date closings for the Greater Nashville area are 28,252, which is an increase of 13.3 percent from the 24,942 closings reported through the third quarter of 2014.

Quotes from the GNAR President:

“The double-digit increases in home sales for the third quarter and year-to-date are further proof of how strong the real estate market and the overall economy is in Middle Tennessee,” said GNAR President Cindy Stanton. “Every county covered in the report showed an increase in residential sales and median price, with most showing the same for their respective condominium markets. As a region we are nearly double the sales for the third quarter compared to the same period less than five years ago in 2011.”
“With so many factors remaining unchanged, we are confident the fourth quarter will be a favorable one for our housing market. A recent report from RealtyTrac showed that because of low interest rates and market conditions, buying the average home now is 48 percent more affordable than pre-recession in 2006,” said Stanton.

Sales by Category for September

Sep. 2014
Sep. 2015
Closings
3,122
3,444
 Residential
2,541
2,839
 Condominium
384
408
 Multi-Family
2821
 Farm/Land/Lots
169176

Days on Market

Average days on market slightly increased from 55 to 56 days, but we are still seeing less time on market compared to last year’s average of 68 days in September of 2014.  Pending home sales for September were 3,244, which was an increase from the 3,049 pending sales this time last year.

Home Values 

The median residential price for a single-family home during September was $236,866, and for a condominium, it was $171,325. This compares with last year’s median residential and condominium prices of $211,400 and $162,000, respectively.  After two straight months of flat home values, it’s nice to see upward movement again, even if it’s only about $1,000. 

Home Inventory by Category

Inventory at the end of September was 13,141, down from 15,182 in September 2014. The current inventory of properties by category, compared to last year, is:

Inventory15,18213,141
 Residential
9,9248,729
 Condominium
988889
 Multi-Family
154120
 Farm/Land/Lots
4,1163,403

GNAR president concluded the reports finding by stating, “Those who didn’t act during the summer shouldn’t be dissuaded, as fall is still a terrific time to buy or sell a home,” added Stanton. “For buyers, despite lower inventory, there are many great properties available and with likely less competition from other buyers as we enter fall. Those considering selling should take care of any repairs now, maintain their curb appeal and be sure the home is market ready.”

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