Middle Tennessee Home Sales See Strong Spring Start in March

NASHVILLE, Tenn. (April 7, 2017) – There were 3,420 home closings reported for the month of March, according to figures provided by Greater Nashville REALTORS®. This figure represents an 8.9 percent increase compared to the 3,141 closings in March 2016.
    Data for the first quarter of 2017 showed 8,338 closings, up 9.7 percent from the 7,601 closings during the first quarter of 2016.

    "March was a very strong month for our region's housing market with sales up almost 9 percent," said Greater Nashville REALTORS® President Scott Troxel. "We were exactly 96 units short of tying the mark for the best March on record, which is March 2006. A stronger economy and growing consumer confidence enable our region to continue to experience positive growth that rivals our market’s best years."

    “Mortgage interest rates have risen slightly in the past month, which can nudge potential buyers to act more quickly,” said Troxel. “Interest rates are very important for homebuyers and they get that. The rate can begin to impact whether a buyer can qualify for the home they want. Locking in at the lowest interest rate is a motivating factor for many buyers.”

     A comparison of sales by category for March is:

  2016 2017
CLOSINGS 3,141 3,420
 Residential 2,591 2,783
 Condominium 344 397
 Multi-Family 24 26
 Farms/Land/Lots 182 214

     A comparison of sales by category for the first quarter/year-to-date is:

  2016 2017
CLOSINGS 7,601 8,338
 Residential 6,296 6,765
 Condominium 831 996
 Multi-Family 69 92
 Farms/Land/Lots 405 485

     There were 3,602 sales pending at the end of March, compared with 3,285 pending sales at this time last year. The average number of days on the market for a single-family home was 50 days.

     The median residential price for a single-family home during March was $273,500 and for a condominium it was $199,900. This compares with last year’s median residential and condominium prices of $245,000 and $181,894, respectively.

     Inventory at the end of March was 10,710, down from 11,951 in March 2016. The current inventory of properties by category, compared to last year, is:

  2016 2017
INVENTORY 11,951 10,710
 Residential 7,926 7,276
 Condominium 773 694
 Multi-Family 84 77
 Farms/Land/Lots 3,168 2,663

     "April is Fair Housing Month, and as Realtors, we strive to help all who desire to own a home to become a homeowner. We are advocates for all current and future homeowners, and we will continue working to ensure housing is available to all,” said Troxel.

    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.