February Rain Didn’t Stop Increase in Home Sales

NASHVILLE, Tenn. (Mar. 7, 2019) There were 2,536 home closings reported for the month of February, according to figures provided by Greater Nashville REALTORSÒ. This figure is up 2.8 percent from the 2,466 closings reported for the same period last year.  

 

“It is very exciting to see home sales steadily increase compared to this time last year,” said Greater Nashville REALTORS® President Andrew Terrell. “This growth continues to prove that the Middle Tennessee housing market is vibrant and healthy.

 

A comparison of sales by category for Feb. is:

 

 

2018

2019

 

CLOSINGS

2,466

2,536

Residential

1,996

2,086

Condominium

250

301

Multi-Family

32

19

Farms/Land/Lots

188

130

 

There were 2,974 sales pending at the end of February, compared to 3,307 pending sales at this time last year. The average number of days on the market for a single-family home was 43 days.

 

The median price for a residential single-family home was $294,486 and for a condominium it was $214,900. This compares with last year’s median residential and condominium prices of $289,093 and $214,250 respectively.

 

Inventory at the end of February was 10,745, up from 8,359 in February 2018.

 

The current inventory of properties by category, compared to last year, is:
 

 

2018

2019

 

INVENTORY

8,359

10,745

Residential

5,569

7,474

Condominium

548

932

Multi-Family

56

69

Farms/Land/Lots

2,186

2,270

 

 

 

"We are pleased to see inventory continue to increase in various price points allowing more options for consumers. This combined with the still growing home sale prices show a very optimistic outlook as we head into the spring months," added Terrell.

 

About Us: 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.

 

The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.

 

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View the February 2019 Market Data Infographic | PDF