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: 

   2018    2019
CLOSINGS     2,298    2,274
Residential    1,877    1,888
Condominium    251    247
Multi-Family    13    18
Famrs/Lands/Lots     157    121

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:

   2018    2019
INVENTORY     8,332   11,150
Residental     5,565    7,799
Condominium     549     981
Multi-Family    60    118
Farms/Lands/Lots     2,158    2,252

“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. 

Source: https://www.greaternashvillerealtors.org/news/january-home-sales-lay-strong-foundation

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