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According to GNAR there were 2,293 home closings reported for the month of February. This represents an increase of 9.7 percent from the 2,091 closings reported in February 2015. Year-to-date closings through February 2016 are 4,460, a 9.7 percent increase from the 4,067 closings reported through February 2015.

 

There were 2,735 sales pending at the end of the month, compared with 2,458 pending sales at this time last year. The average number of days on the market for a single-family home was 65 days.

 

The median residential price for a single-family home in the Greater Nashville area during February was $235,000, and for a condominium it was $174,380. This compares with median residential and condominium prices of $206,000 and $163,125, respectively, at this time last year. The average Davidson County home sold for just over $265,000 last month which represents a 5.2% year-over-year increase. That number is fantastic, but it’s a bit lower than the numbers we’ve been seeing recently. Is a slow down coming? Only time will tell.

 

Inventory at the end of February was 11,677, down from 12,445 in February 2015. The lack of available inventory is perpetuating a demanding sellers market and continuing a challenging situation for buyers.

 

 

How’s The Market In My Area?

We get this question almost every day. Of course it varies from area to area. We’ve taken the monthly Chandler Report and packaged it in a handy snapshot by neighborhood (each neighborhood represents a zip code).

Learn About Values In Your Neighborhood

February Nashville Real Estate Market Report

Click to enlarge report

Learn About Values In Your Neighborhood