January Home Sales Lay Strong Foundation

NASHVILLE, Tenn. (Feb. 7, 2019) There were 2,274 home closings reported for the month of January, according to figures provided by Greater Nashville REALTORS(. This figure is down 1 percent from the 2,298 closings reported for the same period last year.  

 

“January home sales were down slightly from this time last year,” said Greater Nashville REALTORS® President Andrew Terrell. “The government shutdown impacted closings in January to some degree, but overall, 2019 is off to a great start.


A comparison of sales by category for Jan. is:

 

 

2018

2019

 

CLOSINGS

2,298

2,274

Residential

1,877

1,888

Condominium

251

247

Multi-Family

13

18

Farms/Land/Lots

157

121

 

There were 2,853 sales pending at the end of January, compared to 2,951 pending sales at this time last year. The average number of days on the market for a single-family home was 40 days.

 

The median price for a residential single-family home was $293,650, and for a condominium it was $200,100. This compares with last year’s median residential and condominium prices of $281,500 and $210,098 respectively.

 

Inventory at the end of January was 11,150, up from 8,332 in January 2018.

 

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

 

2018

2019

 

INVENTORY

8,332

11,150

Residential

5,565

7,799

Condominium

549

981

Multi-Family

60

118

Farms/Land/Lots

2,158

2,252

“Housing Inventory continues to show a steady and consistent gain which is critical to  a strong and healthy market. Median home prices show a fairly consistent gain for residential single-family homes. The average home spent a little extra time on the market in January. Overall this past month’s home sales and our strong local economy build the foundation for a great year,” 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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