Greater Nashville Home Sales Continue To Increase

GREATER NASHVILLE HOME SALES CONTINUE TO INCREASE 

Nashville Home Sales

NASHVILLE, Tenn. (Dec. 5, 2013) – There were 2,287 home closings reported for the month of November, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 4 percent from the 2,198 closings reported for the same period last year. 

     Year-to-date closings through November are 28,476, an 18.9 percent increase from the 23,950 closings reported through November 2012. The total number of closings through November in 2013 already exceeds the 26,097 total closing for all of last year, with one full month remaining.

     “2013 has been a year of meaningful improvement for home sales. The increase in November, though single digit, is evidence that the market in this region is stable and growing,” said GNAR President Price Lechleiter. “With more than 2,000 sales pending the Greater Nashville area is well on its way to 30,000 closings for the year. These signs are welcome as we begin to look toward 2014.”

 

     A comparison of sales by category for November is:

 

November 2012

November 2013

Closings 

2,198

 2,287

 Residential

1,815

1,953 

 Condominium

238

222 

 Multi-Family

24 

28 

 Farm/Land/Lots

121 

84 

     There were 2,192 sales pending at the end of the month, compared with 2,069 pending sales at this time last year. The average number of days on the market for a single-family home was 70 days.

     The median residential price for a single-family home during November was $195,000, and for a condominium it was $150,000.  This compares with last year’s median residential and condominium prices of $179,900 and $152,000, respectively.

     Inventory at the end of November was 15,262, compared to 16,577 in November 2012. The current inventory of properties by category, compared to last year, is:

 

 

November 2012 

November 2013 

 Inventory

 16,577

 15,262

  Residential 

 10,035

 9,369

  Condominium

 1,240

 1,132

  Multi-Family

 246

 189

  Farm/Land/Lots

 5,056

 4,572

     “The median price for single family homes is up significantly, though down slightly for condominiums. Inventory remains low and will likely remain that way until early 2014 when seasonal home buying trends increase,” added Lechleiter. “Though there are fewer properties available now compared to 2012, it’s still very important for sellers to have a well-maintained, show ready home that is appropriately priced. Buyers looking during the holiday season are serious shoppers and transactions will definitely continue this month.”

     The Greater Nashville Association of REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners.  REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors® and subscribe to its strict code of ethics.

 

To access full home sales information, including historical data, click here.

GNAR
4540 Trousdale Dr. | Nashville, TN 37204
Phone: (615) 254-7516 | Fax: (615) 256-1353
www.gnar.org

Equal Housing Opportunity.