Nashville Housing Market Sees Another Strong Month

NASHVILLE, Tenn. (November 7, 2019) There were 3,742 home closings reported for the month of October according to figures provided by Greater Nashville REALTORS®. This figure is up 16 percent from the 3,216 closings reported for the same period last year.  

 

"We have seen another recording-breaking month," said Andrew Terrell, Greater Nashville Realtors® president. The 16 percent increase in home sales comes as no surprise as we rounded out September with 3,181 pending home sales. If the market follows this trend, we should see a healthy outcome for November based on the 3,127 pending sales for October."

 

A comparison of sales by category for October is:

 

2018

2019

 

CLOSINGS

3,216

3,742

Residential

2,698

3,116

Condominium

359

428

Multi-Family

16

23

Farms/Land/Lots

143

175

 

 

 

There were 3,127 sales pending at the end of October, compared to 2,576 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 $316,702, and for a condominium, it was $233,900. This compares with last year’s median residential and condominium prices of $296,355 and $220,000, respectively. Inventory at the end of October was 11,435, down from 12,506 in October 2018.

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

 

2018

2019

 

INVENTORY

12,506

11,435

Residential

8,905

8,164

Condominium

1,087

922

Multi-Family

85

62

Farms/Land/Lots

2,429

2,287

 

 

 

"Inventory declined slightly across the region," added Terrell. "Buyers don't need to allow a minimal decline to detour them from buying a new home. There are some things buyers can do to navigate lower inventory. First, work with a Realtor as they are prepared to navigate the market with your best interest in mind. Second, know what you can afford; having this information can be helpful when looking at potential homes. Finally, get preapproved; having a preapproval letter shows the seller you are serious about buying and can give you a competitive advantage if you find yourself in a multi-offer situation."

 

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 October 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 October 2019 Market Data Infographic | PDF