Atypical home sales for November 2014 in Nashville

Thanksgiving

The Greater Nashville area had an atypical November with yet another increase in home sales. “The increase in November is further proof of the health of the Middle Tennessee housing market.  This is the highest level of closings for the month of November our region has seen since 2006.” said GNAR President Hagan Stone, “With more than 2,000 sales pending, the Greater Nashville area is well on its way to exceeding last year’s total closings.  These signs are welcome as we begin to look toward 2015.”

With 2,474 home closings in November there was an 8.2 percent increase from 2,287 closings in the same month of 2013.  Year to date closings through November 2014 have a 6.9 percent increase at 30,432 up from 28,476 in 2013.

Comparison of November sales by Category:

October 2013 October 2014
Total Closings 2,287 2,474
Residential 1,953 2,085
Condominium 222 248
Multi-Family 28 23
Farm/Land/Lots 184 118

This continued increase in sales is also a sign of a growing healthy economy for Nashville.   Inventory was low again making it a seller’s market and a perfect time to list your home.  At the end of November 2014, Greater Nashville had 13,715 properties listed compared to 15,262 listings in 2013.   The average day on the market for a single-family home was 67 days… but it can happen much quicker than that if your house is in good, marketable condition.

October 2013 October 2014
Inventory 15,262 13,715
Residential 9,369 8,694
Condominium 1,132 902
Multi-Family 189 149
Farm/Land/Lots 4,572 3,970

Condominiums in November had a median residential price of $165,256 and a single family home had a median price of $215,000.  This compares with last year’s median residential and condominium prices of approximately $150,000 and $195,000.

If you have been thinking about selling your house, now is the time to do it.  Just because it’s the holidays doesn’t mean you have to wait, as I explained in this post on selling your home during the holidays.  It’s an excellent time to use your end of the year vacation time to get your house ready to sell in the New Year if you aren’t ready yet.   While typically winter can be a sluggish time of the year for home sales, the data from November clearly shows sales are not slow.