August Home Sales Strengthen; Condominiums Set Record Median Price

NASHVILLE, Tenn. (Sept. 7, 2017) – There were 3,883 closings reported for the month of August, according to figures provided by Greater Nashville REALTORS®. This represents an increase of 3.8 percent over the 3,741 closings reported for August 2016.
    Year-to-date closings total 27,248. That is a 5.2 percent increase compared to the 25,898 closings reported through August 2016.
    “2017 has proven to be a remarkable and record-setting year in the real estate industry,” said Greater Nashville REALTORS® President Scott Troxel. “August continued the trend of rising sales, being up three percent over last August. In fact, this is the best month of August we have had in this region in over a decade.
    “August was a particularly notable month for condominiums. The condo market experienced its highest median price on record at $207,061. As a whole, the first-time buyer price range, which includes many condominiums, is particularly sparse in terms of inventory, so the rise in median price is understandable. We look expectantly to the building of new units and current owners listing their properties as a way to alleviate some of the strain many first-time buyers are experiencing in the market.”
    A comparison of sales by category for August is:

  August 2016 August 2017
CLOSINGS 3,741 3,883
 Residential 3,117 3,282
 Condominium 437 410
 Multi-Family 23 24
 Farms/Land/Lots 164 167

    There were 3,939 properties under contract at the end of the month, compared to the 3,447 properties under contract at this time last year. The average number of days on the market for a single-family home was 25 days.
    The median residential price for a single-family home during August was $285,000 and for a condominium, it was $207,061. This compares with last year’s median residential and condominium prices of $253,000 and $189,900, respectively.
    Active inventory at the end of August was 9,208, down from 10,270 in 2016. The current inventory of properties by category, compared to last year, is:

  August 2016 August 2017
INVENTORY 10,270 9,208
 Residential 6,596 6,233
 Condominium 582 525
 Multi-Family 81 86
 Farms/Land/Lots 3,011 2,364

     “Renewing the National Flood Insurance Program (NFIP) is one of the highest priorities for the National Association of REALTORS®. Middle Tennessee is all too familiar with what flooding can do to an area, and Hurricane Harvey certainly shifted the country’s focus to the impact and devastation a water and weather event can cause,” said Troxel. “This type of natural disaster is another blow to a national market already struggling to provide housing for all those who want it. Greater Nashville REALTORS® proudly financially supported both NAR's REALTORS® Relief Foundation and the Texas REALTORS® Relief Fund who are helping to provide shelter for the many who have lost it."
    Greater Nashville 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.

View the August 2017 Market Data Infographic