February Rain Didn't Stop Increase in Home Sales

NASHVILLE, Tenn. (Mar. 7, 2019) – There were 2,536 home closings reported for the month of February, according to figures provided by Greater Nashville REALTORS®. This figure is up 2.8 percent from the 2,466 closings reported for the same period last year.  

“It is very exciting to see home sales steadily increase compared to this time last year,” said Greater Nashville REALTORS® President Andrew Terrell. “This growth continues to prove that the Middle Tennessee housing market is vibrant and healthy.”

A comparison of sales by category by Feb. is: 

   2018    2019
CLOSINGS     2,466     2,536
Residential    1,996    2,086
Condominium    250    301
Multi-Family    32    19
Farms/Lands/Lots     188    130

There were 2,974 sales pending at the end of February, compared to 3,307 pending sales at this time last year. The average number of days on the market for a single-family home was 43 days. 

The median price for a residential single-family home was $294,486 and for a condominium it was$214,900. This compares with last year’s median residential and condominium prices of $289,093 and $214,250 respectively.

Inventory at the end of February was 10,745, up from 8,359 in February 2018. 

The current inventory of properties by category, compared to last year, is: 

   2018    2019
INVENTORY    8,359    10,745
Residential     5,569    7,474
Condominium    548    932
Multi-Family    56    69
Farms/Lands/Lots     2,186    2,270

"We are pleased to see inventory continue to increase in various price points allowing more options for consumers. This combined with the still growing home sale prices show a very optimistic outlook as we head into the spring months," added Terrell.

Source: https://www.greaternashvillerealtors.org/news/february-rain-didn%E2%80%99t-stop-increase-home-sales

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