Your search results

Pending Home Sales Take a Plunge in March

Posted by Scott Layson on April 15, 2019
| 0

Nashville’s latest housing numbers for March are in. The report from the Greater Nashville REALTORS® showed 3237 home sales last month, which was a 6% decrease compared to the 3,446 closings we saw for the same period last year.

The biggest surprise was the 22.5% decrease reported for pending sales in March. Despite the drop in closings and pending sales for March, we are still expecting a very active buying season with low interest rates and more home inventory for homebuyers to choose from. 

 

 

Current Prices

The median residential price for a single-family was $305,000, and for condos, it was $223,000. This compares to last year’s median residential prices of $297,915 and condo prices of $218,600.

 

Real Estate Closings by Category

20182019
CLOSINGS3,4463,237
Residential2,8312,703
Condominium396361
Multi-Family2025

Quotes From GNAR President

“Inventory and median home sale prices continue to rise across middle Tennessee, said Greater Nashville REALTORS® President Andrew Terrell. “The rising inventory allows homebuyers more options, and the rising home sale prices offer a benefit to sellers as well, thus providing a flourishing and vibrant market as we head into the spring months.”

 

What’s Pending?

There were 3,158 sales pending sales at the end of March. This was a substantial decrease from the 4,076 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 March was still on the rise with a reported 11,276 available homes compared to the 8,521 in March 2018.

20182019
INVENTORY8,52111,276
Residential5,7107,941
Condominium560965
Multi-Family6681
Farms/Land/Lots2,1852,289

 

Ready to Find A Home in Nashville?

Get alerts for new properties that match your exact criteria as soon as they hit the market. 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compare Listings