Home Sales Increase 9.4 percent in November

(December 9, 2019) – There were 3,232 home closings reported for the month of November according to figures provided by Greater Nashville REALTORS. This figure is up 9.4 percent from the 2,954 closings reported for the same period last year. "November was a great month," said Andrew Terrell, Greater Nashville REALTORS® president." A large number of pending sales in October, led to a strong finish for November."

A comparison of sales by category for November is: 

 

2018

2019

 

CLOSINGS

2,954

3,232

Residential

2,460

2,706

Condominium

328

356

Multi-Family

25

27

Farms/Land/Lots

141

143

There were 2,801 sales pending at the end of November, compared to 3,076 pending sales at this time last year. The average number of days on the market for a single-family home was 33 days. The median price for a residential single-family home was $322,500 and for a condominium, it was $242,900. This compares with last year’s median residential and condominium prices of $295,000 and $221,250 respectively. Inventory at the end of November was 10,841 down from 12,004 in November 2018. 

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

 

2018

2019

 

INVENTORY

12,004

10,841

Residential

8,443

7,627

Condominium

1,051

913

Multi-Family

81

50

"The current local market is vibrant and healthy. Job expansion, lower mortgage rates and higher wages are driving the housing market. If you are looking to buy or sell a home, contact a Realtor. It is critical in our thriving economy to have a Realtor help consumers navigate the market," 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.

                                                          View the November 2019 Market Data Infographic | PDF