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Median Sales Price Continues to Climb

Posted by Wesley Willoughby on Tuesday, January 8, 2019 at 12:17 PM By Wesley Willoughby / January 8, 2019 Comment

2018 Ends with a Near Record Number of Home Sales

NASHVILLE, Tenn. (Jan. 8, 2019) – Final numbers for 2018 indicate there were 39,514 homes sold in the region, compared to the 40,482 closings in 2017, the total sales for 2018 were down 2.4 percent. This is the second highest number of home sales since 2006. 

There were 2,881 closings during the month of December, according to figures provided by Greater Nashville REALTORS®. This is an 11 percent decrease from the 3,246 closings reported for the same period in 2017.

Fourth quarter closings were 9,051 for the Middle Tennessee area. That total is a 6.6 percent decrease from the 9,690 closings during the fourth quarter of 2017. 
“2018 proved to be one of the best markets in Middle Tennessee history, and we are looking forward to the New Year,” said Greater Nashville REALTORS® President Andrew Terrell.  

“Our local economy remains strong, and interest rates remain low which are positive for the real estate market.”

A comparison of sales by category for Dec. is: 
    2017    2018
CLOSINGS    3,246    2,881
Residential    2,708    2,436
Condominium    338    301
Multi-Family    12    28
Farms/Lands/Lots     188    116

A comparison of sales by catagory for the forth quarter is: 
   2017    2018
CLOSINGS     9,690    9,051
Residential     8,120    7,594
Condominium    992    988
Multi-Family    62    69
Farms/Lands/Lost     516    400
 

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

   2017    2018
CLOSINGS     40,482     39,514
Residential     33,633    32,868
Condominium     4,433     4,317
Multi-Family    309    312
Farms/Land/Lots     2,107    2,017

There were 1,867 sales pending at the end of December, compared with 2,471 pending sales at this time last year. The average number of days on the market for a single-family home was 37 days.

The median price for a residential single-family home was $308,000, and for a condominium it was$222,000. This compares with last year’s median residential and condominium prices of $294,000 and $209,450, respectively.

Inventory at the end of December was 10,791 up from 9,011 in December 2017.

 

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

   2017    2018
INVENTORY     9,011    10,791
Residential     6,061    7,702
Condominium     581    900
Multi-Family    62    65
Farms/Lands/Lots     2,307    2,124

“While there will be challenges, there is still a lot of opportunities for consumers to buy, sell and lease real estate. Deciding to work with a REALTOR® in your local market will give consumers a competitive advantage when navigating the market,” added Terrell. 

Source: https://www.greaternashvillerealtors.org/news/median-sales-price-continues-climb

 

 

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