Spring Kicked off with Rising Inventory and Home Sale Prices

NASHVILLE, Tenn. (Apr. 8, 2019) – There were 3,237 home closings reported for the month of March, according to figures provided by Greater Nashville REALTORS®. This figure is down 6 percentfrom the 3,446.  

Data for the first quarter of 2019 showed 8,047 closings, down 2 percent from the 8,210 closings during the first quarter of 2018. 

“Inventory and median home sale prices continue to rise across middle Tennessee, said Greater Nashville REALTORS® President Andrew Terrell. “The rising inventory allows homebuyers more options, and the rising home sale prices offer a benefit to sellers as well, thus providing a flourishing and vibrant market as we head into the spring months.”

A comparison of sales by catagory for March is: 

   2018    2019
CLOSINGS     3,446    3,237
Residential     2,831    2,703
Condominium      396    361
Multi-Family     20    25
Farms/Lands/Lots     199    148

A comparison of sales by category for the first quarter/ year-to-date is: 

   2018    2019
CLOSINGS     8,210    8,047
Residential     6,704    6,677
Condominium     897    909
Multi-Family    65    62
Farms/Lands/Lots     544    399

There were 3,158 sales pending at the end of March, compared to 4,076 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 $305,000 and for a condominium, it was$223,000. This compares with last year’s median residential and condominium prices of $297,915 and $218,600 respectively.

Inventory at the end of March was 11,276 up from 8,521 in March 2018.

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

   2018    2019
INVETORY     8,521    11,276
Residential     5,710    7,941
Condominium     560    965
Multi-Family    66    81
Farms/Lands/Lots     2,185    2,289

April is recognized nationally as Fair Housing Month. Realtors are long-standing proponents of equal opportunity in housing and will continue working to ensure quality housing is available for all,” added Terrell. 

Source: https://www.greaternashvillerealtors.org/news

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