Spring Kicked off with Rising Inventory and Home Sale Prices

NASHVILLE, Tenn. (Apr. 8, 2019) – There were 3,237 home closings reported for the month of March, according to figures provided by Greater Nashville REALTORS®. This figure is down 6 percent from the 3,446 closings reported for the same period last year.  

 

Data for the first quarter of 2019 showed 8,047 closings, down 2 percent from the 8,210 closings during the first quarter of 2018.

 

“Inventory and median home sale prices continue to rise across middle Tennessee, said Greater Nashville REALTORS® President Andrew Terrell. “The rising inventory allows homebuyers more options, and the rising home sale prices offer a benefit to sellers as well, thus providing a flourishing and vibrant market as we head into the spring months.”

 

A comparison of sales by category for March is:

 

 

2018

2019

 

CLOSINGS

3,446

3,237

Residential

2,831

2,703

Condominium

396

361

Multi-Family

20

25

Farms/Land/Lots

199

148

 

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

 

 

2018

2019

 

CLOSINGS

8,210

8,047

Residential

6,704

6,677

Condominium

897

909

Multi-Family

65

62

Farms/Land/Lots

544

399

 

There were 3,158 sales pending at the end of March, compared to 4,076 pending sales at this time last year. The average number of days on the market for a single-family home was 37 days.

 

The median price for a residential single-family home was $305,000 and for a condominium it was $223,000. This compares with last year’s median residential and condominium prices of $297,915 and $218,600 respectively.

 

Inventory at the end of March was 11,276 up from 8,521 in March 2018.

 

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

 

 

2018

2019

 

INVENTORY

8,521

11,276

Residential

5,710

7,941

Condominium

560

965

Multi-Family

66

81

Farms/Land/Lots

2,185

2,289

 

 

 

“April is recognized nationally as Fair Housing Month. Realtors are long-standing proponents of equal opportunity in housing and will continue working to ensure quality housing is available for all,” 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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View the March 2019 Market Data Infographic | PDF