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Review of Nashville’s Real Estate Market in 2016

Posted by Scott Layson on January 16, 2017
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Well it was nothing short of another great year for Nashville real estate and homeowners in 2016. Greater Nashville REALTORS® has released the final numbers for the year, which shows exactly why Nashville is on the radar for one of the best cities to invest in for 2017.

Nashville Real Estate YTD 206

There were a total of 38,954 homes sold last year compared to the 36,873 closings we saw in 2015. This translated to a 5.6 increase in sales. In fact, the fourth quarter alone saw an 11% increase in closings with 9,582. Home values also rose 11% YTD in 2016 with an average sales price of $255,660 compared to 2015’s average sales price of $229,584.

The YTD average days on market in Nashville also decreased by 8 days from 63 to only 55 days on market. All these stats combined show just how strong the 2016 sellers market was in Nashville. This trend should continue as mortgage rates begin to climb and more buyers jump into the buyer pool to avoid paying higher monthly payments.

YTD Comparison of Sales by Category

YTD 2015

YTD 2016

CLOSINGS

36,873

38,954

Residential

30,405

32,338

Condominium

4,259

4,375

Multi-Family

255

281

Farms/Land/Lots

1,954

1,960

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Quotes From GNR President

“2016 was an excellent year for real estate in Middle Tennessee,” said Greater Nashville REALTORS President Scott Troxel. “Median prices rose, which was a plus for those selling last year. For buyers, interest rates remained low and for those who we were ready for homeownership, the opportunity to buy was there.

“In particular, the fourth quarter of the year was very solid. According to the data we have available to us, the last quarter of 2016 was the strongest fourth quarter for home sales our region has experienced,” said Troxel. “In terms of the market as a whole, it was the best Greater Nashville has seen in a decade.”

“We have a healthy foundation to build on as we enter 2017. For those who will be buying or selling real estate this year, the marks of a good economy – job growth, wage growth, consumer confidence – remain,” said Troxel. “Inventory will continue to plague Nashville’s market, as well as many other markets across the country. Working with a real estate professional, a Realtor, will be a marked advantage to consumers in search of the right property.”

 

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