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