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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