Home Sales Soar as Spring Turns to Summer

NASHVILLE, Tenn. (June 7, 2019) – There were 4,172 home closings reported for the month of May according to figures provided by Greater Nashville REALTORS®. This figure is up 10 percent from the 3,767 closings reported for the same period last year.  

“The Greater Nashville housing market has hit an all-time high with record breaking sales,” said Andrew Terrell, Greater Nashville REALTORS® president. “With over 4,100 closings, the market has surpassed the highest month on record, which was in June 2018.”

A comparison of sales by category for May is:

 

2018

2019

 

CLOSINGS

3,767

4,172

Residential

3,135

3,461

Condominium

403

473

Multi-Family

31

41

Farms/Land/Lots

198

197

There were 3,940 sales pending at the end of May, compared to 3,575 pending sales at this time last year. The average number of days on the market for a single-family home was 32 days.

The median price for a residential single-family home was $318,000 and for a condominium it was $232,000. This compares with last year’s median residential and condominium prices of $299,900 and $226,000 respectively.

Inventory at the end of May was 11,576, up from 10,912 in May 2018.

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

 

2018

2019

 

INVENTORY

10,912

11,576

Residential

7,678

8,254

Condominium

832

982

Multi-Family

75

72

Farms/Land/Lots

2,327

2,268

 

 

 

“Every day, more and more people are moving to Nashville, and with this comes increased sales, increased inventory and rising home sale prices. It is critical that consumers have a competitive edge in our market, and the best way to achieve a competitive edge is to use a Realtor. Realtors are not just agents; they are professional members of the National Association of Realtors and subscribe to a strict code of ethics which protects consumers,” added Terrell.

June marks National Homeownership Month, which recognizes the value of homeownership to individuals, families, communities and the nation’s economy. Realtors are on a  mission to protect homeownership rights for all consumers, That’s Who We “R,” Realtors.

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 May 2019 Market Data Infographic | PDF

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