Home Sales Soar as Spring Turns to Summer
NASHVILLE, Tenn. (June 7, 2019) – There were 4,172 home closings reported for the month of May according to figures provided by Greater Nashville REALTORS®. This figure is up 10 percentfrom the 3,767 closings reported for the same period last year.
“The Greater Nashville housing market has hit an all-time high with record breaking sales,” said Andrew Terrell, Greater Nashville REALTORS® president. “With over 4,100 closings, the market has surpassed the highest month on record, which was in June 2018.”
There were 3,940 sales pending at the end of May, compared to 3,575 pending sales at this time last year. The average number of days on the market for a single-family home was 32 days.
The median price for a residential single-family home was $318,000 and for a condominium it was$232,000. This compares with last year’s median residential and condominium prices of $299,900 and $226,000 respectively.
Inventory at the end of May was 11,576, up from 10,912 in May 2018.
The current inventory of properties by category, compared to last year, is:
“Every day, more and more people are moving to Nashville, and with this comes increased sales, increased inventory and rising home sale prices. It is critical that consumers have a competitive edge in our market, and the best way to achieve a competitive edge is to use a Realtor. Realtors are not just agents; they are professional members of the National Association of Realtors and subscribe to a strict code of ethics which protects consumers,” added Terrell.