January Home Sales Lay Strong Foundation
NASHVILLE, Tenn. (Feb. 7, 2019) – There were 2,274 home closings reported for the month of January, according to figures provided by Greater Nashville REALTORS®. This figure is down 1 percent from the 2,298 closings reported for the same period last year.
“January home sales were down slightly from this time last year,” said Greater Nashville REALTORS® President Andrew Terrell. “The government shutdown impacted closings in January to some degree, but overall, 2019 is off to a great start.
A comparison of sales by catagory for Jan. is:
There were 2,853 sales pending at the end of January, compared to 2,951 pending sales at this time last year. The average number of days on the market for a single-family home was 40 days.
The median price for a residential single-family home was $293,650, and for a condominium, it was$200,100. This compares with last year’s median residential and condominium prices of $281,500 and $210,098 respectively.
Inventory at the end of January was 11,150, up from 8,332 in January 2018.
The current inventory of properties by catagory, compared to last year, is:
“Housing Inventory continues to show a steady and consistent gain which is critical to a strong and healthy market. Median home prices show a fairly consistent gain for residential single-family homes. The average home spent a little extra time on the market in January. Overall this past month’s home sales and our strong local economy build the foundation for a great year,” added Terrell.