November Homes Sales Show Moderate Decrease

NASHVILLE, Tenn. (Dec. 7, 2018)There were 2,954 closings reported for the month of November, according to figures provided by Greater Nashville REALTORS®. This represents a 7  percent decrease from the 3,177 closings reported for November 2017.

 

Year-to-date closings total 36,633 a 1.6 percent decrease compared to the 37,236 closings reported through November 2017.

 

“November closings show a moderate decrease compared to this time last year," said Greater Nashville REALTORS® President Sher Powers. "To counter that, we do see higher numbers for pending sales going into December, which means it's likely to balance the year with sales volume very similar to last year's totals.

 

Powers continues, "Pricing is still showing an increase for the month but at a calmer rate. With 25 percent more inventory on the market than last year for December, this continues to be a good time for buyers to find a home."

 

A comparison of sales by category for November is:

 

 

2017

2018

CLOSINGS

3,177

2,954

 Residential

2,667

2,460

 Condominium

325

328

 Multi-Family

26

25

 Farms/Land/Lots

159

141

 

 

 

There were 3,076 properties under contract at the end of the month, compared to the 2,906 properties under contract at this time last year. The average number of days on the market for a single-family home was 33 days.

 

The median residential price for a single-family home during November was $295,000 and for a condominium it was $221,250. This compares with last year’s median residential and condominium prices of $285,000 and $216,751.

 

Active inventory at the end of November was 12,004, which increased from 9,454 in 2017.

 

 

 

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

 

 

2017

2018

INVENTORY*

9,454

12,004

 Residential

6,433

8,443

 Condominium

594

1,051

 Multi-Family

60

81

 Farms/Land/Lots

2,367

2,429

 

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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View the November 2018 Market Data Infographic PDF