Third Quarter 2019 Homes Sales Showed Unprecedented Growth

NASHVILLE, Tenn. (Oct. 8, 2019) – There were 3,704 home closings in the Greater Nashville Region reported for the month of September, according to figures provided by Greater Nashville REALTORS®. This figure represents a 13.7 percent increase compared to the 3,258 closings in September 2018.  Data for the third quarter of 2019 showed 12,030 closings, up nine percent from the 11,031 closings during the same period of 2018.


“Home sales stayed strong through the third quarter across Middle Tennessee,” said Greater Nashville REALTORS® President, Andrew Terrell. “The Greater Nashville area has proven to be very attractive for businesses relocating to the area, thus increasing the population of our region and fueling economic activity.”

 

A comparison of sales by category for September is:

 

2018

2019

CLOSINGS

3,258

3,704

 Residential

2,732

3,048

 Condominium

346

457

 Multi-Family

22

21

 Farms/Land/Lots

158

178


A comparison of sales by category for the third quarter:

 

2018

2019

CLOSINGS

11,031

12,030

 Residential

9,265

10,081

 Condominium

1,162

1,349

 Multi-Family

93

77

 Farms/Land/Lots

511

523

 

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

 

2018

2019

CLOSINGS

30,463

31,900

 Residential

25,274

26,603

 Condominium

3,329

3,599

 Multi-Family

243

225

 Farms/Land/Lots

1,617

1,473

 

There were 3,181 sales pending at the end of September, compared with 2,662 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 residential price for a single-family home during September was $318,000, and for a condominium, it was $236,000. This compares with last year’s median residential and condominium prices of $290,000 and $218,150, respectively. Inventory at the end of September was 11,447, a decrease from 12,415 in September 2018. 

 

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

 

2018

2019

INVENTORY

12,415

11,447

 Residential

8,847

8,185

 Condominium

1,068

895

 Multi-Family

91

62

 Farms/Land/Lots

2,409

2,305

 

"As we round out the third quarter, we have seen an over four percent increase in sales year-to-date. The market data for September showed a slight decrease in inventory compared to last year. The influx of sales volume likely caused the dip in inventory. It is critical to know; lower inventory does not mean a lack of inventory. Choosing to use a Realtor to navigate our thriving market will set buyers and sellers up for success on their homebuying and selling journey," 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 September 2019 Market Data Infographic | PDF