October Market Remains Strong
With a 16% increase in sales from last year, Nashville continues to break it's own monthly records. October sales totaled 3,472 closings with a median price of $316,702 per single-family home. It is safe to say that the landscape, like our local pumpkin patches, were prime for the picking, with homes averaging about 32 days on the market.
"We have seen another recording-breaking month," said Andrew Terrell, Greater Nashville Realtors® president. The 16 percent increase in home sales comes as no surprise as we rounded out September with 3,181 pending home sales. If the market follows this trend, we should see a healthy outcome for November based on the 3,127 pending sales for October."
Now is the time that inventory will decrease a little bit, which is still an excellent time to buy!
"Inventory declined slightly across the region," added Terrell. "Buyers don't need to allow a minimal decline to detour them from buying a new home. There are some things buyers can do to navigate lower inventory. First, work with a Realtor as they are prepared to navigate the market with your best interest in mind. Second, know what you can afford; having this information can be helpful when looking at potential homes. Finally, get preapproved; having a preapproval letter shows the seller you are serious about buying and can give you a competitive advantage if you find yourself in a multi-offer situation."
source: Greater Nashville Realtors