Median Sales Price Continues to Climb
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.
A comparison of sales by catagory year-to-date is:
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.
The current inventory of properties by catagory, compared to last year, is:
“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.