Nashville Home Sales Remain Strong for July
The Nashville area real estate market is staying strong. These small increases of growth over the past few months are manageable and promote the stability in the market.
“The Greater Nashville area continues to see signs of a healthy market. July and year-to-date figures are all up more than three percent compared to the same periods last year and pending sales remain strong. This is welcome news,” said GNAR President Hagan Stone. “The continuation of excellent visibility and positive economic news for Greater Nashville is attracting more people to the area, and seems to be building confidence in those already living here.”
According to the numbers provided by the Greater Nashville Association of Realtors, there were 3,258 home closings reported for the month of July. This is a 3.4 percent increase from the reported 3,151 closing for the same month in 2013. The year-to date closings for the Greater Nashville area are 18,594 which is an increase of 3.2 percent since July last year with 18,010 closings.
Prices are still on the rise as the median price for a single-family home during July was $221,000 and for a condo $170,000. We can compare this with 2014’s median residential and condo prices of around $204,000 and $154,500.
According to Hagan Stone, “Our market continues to see positive signs, but like the rest of the country we continue to struggle with inventory. If you are considering making a new home purchase and your current home is well-maintained this is an excellent time to be a seller. There are many equipped and knowledgeable Realtors in the area ready to work with you.” At the end of July inventory was 15,919, down from 16,651 in July 2013.
Despite the lack of inventory, the fall looks hopeful for solid Nashville home sales to continue!