Stormy weather didn’t stop home sales in June

NASHVILLE, Tenn. (July 8, 2019) – There were 4,172 home closings reported for the month of June, according to figures provided by Greater Nashville REALTORS®. This figure is up 3.4 percent from the 4,036 closings reported for the same period last year.  

"Consumers are taking full advantage of our vibrant local and national economy," said Andrew Terrell, Greater Nashville REALTORS® president. "Falling mortgage rates are boosting consumer confidence when it comes to buying and selling homes, which is evident in the 2.3 percent increase in sales year-to-date compared to 2018."

Data for the second quarter of 2019 showed 11,823 closings, up 5.4 percent from the 11,222 closings during the second quarter of 2018.

A comparison of sales by category for June is:

 

2018

2019

CLOSINGS

4,036

4,172

Residential

3,385

3,529

Condominium

446

451

Multi-Family

27

24

Farms/Land/Lots

178

168

A comparison of sales by category for the second quarter are:

 

2018

2019

CLOSINGS

11,222

11,823

Residential

9,305

9,845

Condominium

1,270

1,341

Multi-Family

85

86

Farms/Land/Lots

562

551

2019 midyear report:

 

YTD 2018

 YTD 2019

CLOSINGS

19,423

19,870

Residential

16,009

16,522

Condominium

2,167

2,250

Multi-Family

150

148

Farms/Land/Lots

1,106

950

There were 3,645 sales pending at the end of June, compared to 3,379 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 $319,990 and for a condominium it was $231,689. This compares with last year’s median residential and condominium prices of $314,900 and $221,850 respectively.

Inventory at the end of June was 11,610 up from 11,087 in June 2018.

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

 

2018

2019

INVENTORY

11,087

11,610

Residential

7,820

8,274

Condominium

896

985

Multi-Family

124

69

Farms/Land/Lots

2,247

2,282

"Inventory continues to increase across the region, and with the excitement of new companies like Mitsubishi coming to our area, this is a good thing. It is critical in our current market that consumers understand the value of working with Realtor. A Realtor who is different from a real estate agent adheres to a strict code of ethics and are skilled negotiators that can help buyers and sellers navigate our ever-thriving market," 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.

View the June 2019 Market Data Infographic | PDF