Best January On Record for Middle Tennessee Housing Market

NASHVILLE, Tenn. (Feb. 7, 2017) – There were 2,411 home closings reported for the month of January, according to figures provided by Greater Nashville REALTORS®. This figure is up 11.2 percent from the 2,167 closings reported for the same period last year.     
     "Our market just proved you can buy and sell a home during the winter," said Greater Nashville REALTORS President Scott Troxel. "The winter months are actually a good time for serious buyers. There are fewer properties on the market, but there is also less competition for those properties. 
     “Not only did we see the best January on record, our market performed better in January than it did in either January or February of last year,” continued Troxel. “Pending sales numbers are also higher. Punxsutawney Phil might have seen his shadow, suggesting six more weeks before we see spring weather, but our data indicates our market may enter the spring selling season sooner.” 
     A comparison of sales by category for January is:

  January 2016 January 2017
CLOSINGS 2,167 2,411
 Residential 1,814 1,944
 Condominium 217 313
 Multi-Family 27 27
Farms/Land/Lots 109 127

     There were 2,755 sales pending at the end of the month, compared with 2,212 pending sales at this time last year. The average number of days on the market for a single-family home was 57 days.

     The median residential price for a single-family home during January was $261,500 and for a condominium it was $184,350. This compares with last year’s median residential and condominium prices of $242,668 and $179,900, respectively.

         Inventory at the end of January was 10,025, compared with 11,352 in January 2016. The current inventory of properties by category, compared to last year, is:

  January 2016 January 2017
INVENTORY 11,352 10,025
 Residential 7,473 6,687
 Condominium 703 659
 Multi-Family 94 89
 Farms/Land/Lots 3,082 2,590

     "One item to watch will be the impact of President Trump’s suspension on the 25-basis point reduction of mortgage interest premiums on FHA loans,” said Troxel. “Many first-time and low- to moderate-income buyers look to FHA loans as part of their path to homeownership. Realtors are letting the administration know both the importance and impact of FHA loans on the housing market.”

         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.