2017 Best Year on Record for Middle Tennessee Housing Market

NASHVILLE, Tenn. (Jan. 8, 2018) – There were 3,246 closings during the month of December, according to figures provided by Greater Nashville REALTORS®. This is a 1 percent decrease from the 3,280 closings reported for the same period in 2016. 

Fourth quarter closings were 9,690 for the Middle Tennessee area. That total is a 1.1 percent increase from the 9,582 closings during the fourth quarter of 2016.

Final numbers for 2017 indicate there were 40,482 homes sold in the region, breaking the 2006 record of 40,056 closings. Compared to the 38,954 closings in 2016, the total sales for 2017 were up 3.9 percent.

"2017 was a record-setting year in many ways for Middle Tennessee’s housing market," said Greater Nashville REALTORS® President Sher Powers. "From single month sales records  to new highs in median price, buyers and sellers worked together to boost our market. All of this activity resulted in our region experiencing the best year on record for home sales.”

“Until now, 2006 had been the strongest year for real estate with 40,056 closings,” said Powers. “Despite uncertainty regarding tax reform and low inventory, buyers and sellers were determined to reach their real estate goals, whether that was through home ownership, real estate investment or any of the other avenues of real estate.”

A comparison of sales by category for December is:

December 2016    December 2017
CLOSINGS 3,280 3,246
Residential 2,728 2,708
Condominium 361 338
Multi-Family 30 12
Farms/Lands/Lots 161 188

A comparison of sales by category for the fourth quarter is:

4th Quarter 2016   4th Quarter 2017
CLOSINGS 9,582 9690
Residential 7,949 8,120
Condominium 1,091 992
Multi-Family 68 62
Farms/Land/Lots 474 516

 A comparison of sales by category year-to-date is:

YTD 2016     YTD 2017
CLOSINGS 38,954 40,482
Residential 32,338 33,633
Condominium 4,375 4,433
Multi-Family 281 309
Farm/Land/Lots  1,960 2,107

There were 2,471 sales pending at the end of December, compared with 2,209 pending sales at this time last year. The average number of days on the market for a single-family home was 30 days.

The median price for a residential single-family home was $294,000, and for a condominium it was $209,450. This compares with last year’s median residential and condominium prices of $266,408 and $180,000, respectively.

Inventory at the end of December was 9,011 down from 9,330 in December 2016. The current inventory of properties by category, compared to last year, is: 

December 2016     December 2017
INVENTORY 9,330 9,011
Residential 5,918 6,061
Condominium 562 581
Multi-Family 101 62
Farms/Lands/Lots  2,749 2,397

“Though we know there will be challenges in the market this year, our market has a solid foundation,” said Powers. “For anyone looking to take action - buying, selling or leasing - options will be available. Making the choice to work with a REALTOR® , a real estate professional with market expertise, will be a competitive advantage for consumers.”

Greater Nashville REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict code of ethics.

Article taken from: http://www.greaternashvillerealtors.org/news/2017-best-year-record-middle-tennessee-housing-market

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