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Outstanding Close of the Year for Nashville

Posted by Meghan Caldwell on January 17, 2020
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The Nashville real estate market experienced its greatest number of home sales in over a decade. This was a 7% increase from last year and the largest number of sales since 2006.

 The prices of both single-family homes and condos have continued their impressive rise. Median pricing for a single-family home was $324,000, a 5.2% increase from December 2018. Even more impressive, median condo pricing increased by 21.5% to $269,000.  Pending sales were also up from this time last year, by 15%, and average days on market were down by 2 days. Inventory was also down by 15.2%, which the GNAR president acknowledges as a possible challenge to be fixed by the increasing pace of redevelopment.

If Nashville continues at the same pace as 2019, we will see another record-breaking year. 


 

Current Home Values

The median residential price for a single-family was $324,000 and for condos, it was $269,900. This compares to last year’s median residential prices of $308,000 and condo prices of $222,000.

Real Estate Closings by Category

20182019
CLOSINGS2,8813,482
Residential2,4362,880
Condominium301445
Multi-Family2822

Quotes From GNAR President

“There is no doubt 2019 set a new precedent with historic home sales,” said Kristy Hairston, Greater Nashville REALTORS® president. “This historical growth is a result of a strong local economy, corporate relocation and continued job growth across the region. Every day more people and companies make the Greater Nashville Area their home, and this boosts consumer confidence, which will move the housing market forward.”

What’s Pending?

There were 2,144 sales pending sales at the end of December. This was an increase from the 1,867 pending sales we observed last year.  The average number of days on the market for a single-family home was 35 days.

Available Inventory

Inventory at the end of December was slightly lower with a reported 9,365 available homes in comparison to the 10,791 in December 2018.

20182019
INVENTORY10,7919,365
Residential7,7026,612
Condominium900744
Multi-Family6545
Farms/Land/Lots2,1241,969

 

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