October Was a Hot Month for Home Sales in Middle Tennessee

NASHVILLE, Tenn. (Nov. 8, 2016) – There were 3,324 home closings reported for the month of October, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up  9.7 percent from the 3,030 closings reported for the same period last year.

     Year-to-date closings for the Greater Nashville area were 32,696 at the end of October. That is an increase of 4.5 percent from the 31,282 closings, reported through October 2015. 

     “We are continuing to sell more homes with effectively less inventory every month, and that’s keeping the Nashville market among the hottest in the country,” said Creswell. “We finished 19th on the list of the hottest markets for October according to Realtor.com, and were the only southern state, not including Texas, to make the list. Even if sales remain flat for November and December, our region is set to finish ahead of 2015 with overall sales.” 

     A comparison of sales by category for October is: 

  October 2015 October 2016
CLOSINGS 3,030 3,324
 Residential 2,519 2,758
 Condominium 328 377
 Multi-Family 18 16
 Farms/Land/Lots 165 173

     There were 3,306 sales pending at the end of the month, compared with 2,905 pending sales at this time last year. The average number of days on the market for a single-family home was 51 days.

     The median residential price for a single-family home during October was $261,000, and for a condominium it was $186,000. This compares with last year’s median residential and condominium prices of $230,000 and $171,737, respectively.

    Inventory at the end of October was 11,785, compared to 12,894 in October 2015. The current inventory of properties by category, compared to last year, is:

  October 2015 October 2016
INVENTORY 12,894 11,785
 Residential 8,576 7,925
 Condominium 873 789
 Multi-Family 110 112
Farms/Land/Lots 3,335 2,959

     “We have entered the final quarter of 2016 in the best possible way,” said GNAR President Denise Creswell. “Our housing market is maintaining the kind of stable growth needed to sustain a healthy market in the last few months of the year. These mild gains in sales are exactly what it takes to build the foundation for a solid housing market in 2017.”
   
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.