Nashville’s Best Home Sales Month Since 2008

Nashville Real Estate Trends

According to GNAR there were 2,500 home closings reported for the month of May.  This represents a 28.5 percent increase from the 1,945 closings reported for May 2011.

Year-to-date closings are 9,541. That total is up 25.5 percent from the 7,600 closings reported through the same period last year.

“With increases in each category, and significant growth in both residential and condominium sales, this is the best month for closings in the region since May of 2008 –  four years ago,” said GNAR President Kendra Cooke. “Median prices have increased since last year and more than 2,600 sales are currently pending. Combined, these numbers show that the Greater Nashville real estate market is continuing to stabilize, and even strengthen.”
A comparison of sales by category for May is:


May 2011 May 2012

  CLOSINGS

1,945

2,500

  Residential

1,595

2,048

  Condominium

209

303

  Multi-Family

16

22

  Farms/Lands/Lots

125

127

 

There were 2,671 sales pending at the end of the month, compared with 2,023 pending sales at this time last year. The average number of days on the market for a single-family home was 84 days.

The median residential price in May was $179,000 for a single-family home and $160,000 for a condominium.  This compares with last year’s median residential and condominium prices $165,900 and $143,000, respectively.

Inventory at the end of May was 19,503, down from the 22,514 reported in May of 2011.

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

 

 

                                        May 2011

                                        May 2012

INVENTORY

22,514

19,503

Residential

14,210

12,028

Condominium

2,083

1,639

Multi-Family

360

290

Farms/Land/Lots

5,861

5,546

 

“Based on the increased level of closings, there is currently an eight-month supply of overall inventory and a just a six-month supply of residential inventory,” added Cooke. “For potential sellers considering putting their home on the market, preparation is key. ‘Curb appeal’ is important and addressing any internal or external issue prior to putting your home on the market will help make it attractive to potential buyers. Buyers are very discerning and opportunities for sales can be missed if sellers do not prepare their properties well.”

The Greater Nashville Association of 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.

[source: GNAR]

See the Nashville Market Trends for April

Our Newest Nashville Home Listings

See all KW Homes For Sale.
(all data current as of 9/2/2014)

  1. 3 beds, 2 full baths
    Home size: 1,954 sq ft
    Lot size: 10,454 sqft
    Year built: 1928
    Listed with Keller Williams Realty
    Broker reciprocity icon
  2. 4 beds, 2 full, 1 part baths
    Home size: 2,599 sq ft
    Lot size: 18,730 sqft
    Year built: 1995
    Parking spots: 2
    Listed with Keller Williams Realty
    Broker reciprocity icon
  3. 3 beds, 1 full, 1 part baths
    Home size: 1,014 sq ft
    Lot size: 6,969 sqft
    Year built: 1994
    Listed with Keller Williams Realty
    Broker reciprocity icon
  4. 4 beds, 2 full baths
    Home size: 2,000 sq ft
    Lot size: 14,810 sqft
    Year built: 1961
    Listed with Keller Williams Realty
    Broker reciprocity icon
  5. 3 beds, 2 full baths
    Home size: 2,215 sq ft
    Lot size: 16,552 sqft
    Year built: 1995
    Parking spots: 2
    Listed with Keller Williams Realty
    Broker reciprocity icon
  6. 3 beds, 4 full baths
    Home size: 3,366 sq ft
    Lot size: 7,405 sqft
    Year built: 1976
    Parking spots: 3
    Listed with Keller Williams Realty
    Broker reciprocity icon
  7. 2 beds, 2 full, 1 part baths
    Home size: 2,022 sq ft
    Year built: 1986
    Parking spots: 1
    Listed with Keller Williams Realty
    Broker reciprocity icon
  8. 4 beds, 3 full baths
    Home size: 3,504 sq ft
    Lot size: 9,583 sqft
    Year built: 1978
    Parking spots: 2
    Listed with Keller Williams Realty
    Broker reciprocity icon
  9. 2 beds, 2 full, 1 part baths
    Home size: 1,760 sq ft
    Year built: 2004
    Parking spots: 1
    Listed with Keller Williams Realty
    Broker reciprocity icon
  10. 4 beds, 2 full baths
    Home size: 2,100 sq ft
    Lot size: 23,086 sqft
    Year built: 1953
    Parking spots: 2
    Listed with Keller Williams Realty
    Broker reciprocity icon

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 

 

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