Region's Housing Market on Pace for Record Year in Sales

NASHVILLE, Tenn. (Oct. 9, 2017) – There were 3,544 closings reported for the month of September, according to figures provided by Greater Nashville REALTORS®. This represents an increase of 2.0 percent over the 3,474 closings reported for September 2016.

     Third quarter numbers experienced a 3.5 percent increase from 2016 with 11,299 closings reported, compared to last year’s third quarter closings of 10,920.

     Year-to-date closings for the Greater Nashville area are 30,792. That total is up 4.8 percent from the 29,372 closings reported through the third quarter of 2016.

     “For a month where home sales begin to slow, this past September turned out to be remarkable for our region. Middle Tennessee achieved the best performing month of September that we have on record,” said Greater Nashville REALTORS® President, Scott Troxel. “Yes, overall home sales are slowing down, as is typical for this time of year. But, the September success sends a strong message about the importance and attractiveness of homeownership.”

         A comparison of sales by category for September is:

  2016 2017
CLOSINGS 3,474 3,544
 Residential 2,882 3,008
 Condominium 390 362
 Multi-Family 27 24
 Farms/Land/Lots 175 150

     A comparison of sales by category for the third quarter is:

  Q3 2016 Q3 2017
CLOSINGS 10,920 11,299
 Residential 9,145 9,538
 Condominium 1,215 1,211
 Multi-Family 70 70
 Farms/Land/Lots 490 480

     A comparison of sales by category year-to-date is:

  YTD 2016 YTD 2017
CLOSINGS 29,372 30,792
 Residential 24,389 25,513
 Condominium 3,284 3,441
 Multi-Family 213 247
 Farms/Land/Lots 1,486 1,591

     There were 3,292 properties under contract at the end of the month, compared to the 3,234 properties under contract at this time last year. The average number of days on the market for a single-family home was 27 days.

     The median residential price for a single-family home during September was $280,000 and for a condominium, it was $223,450. This compares with last year’s median residential and condominium prices of $256,900 and $188,495, respectively.

     Active inventory at the end of September was 9,358, down from 10,350 in 2017. The current inventory of properties by category, compared to last year, is:

  2016 2017
INVENTORY 10,350 9,358
 Residential 6,638 6,380
 Condominium 603 525
 Multi-Family 91 86
 Farms/Land/Lots 3,018 2,367

     “Sales are up incrementally for both the quarter and year-to-date compared to last year, keeping us on track to the best housing market we’ve ever had,” said Troxel. “That said, we have to work to keep our market healthy and an attractive place to live. Greater Nashville REALTORS® is actively working with the Transit for Nashville Coalition to help bring solutions to our congestion and traffic woes, problems that can cause current and future residents to choose elsewhere to call home. Nationally, the National Association of REALTORS® is closely monitoring proposed changes to the tax plan to ensure homeowners aren’t hurt in the process.”

View the September 2017 Market Data Infographic