2014 Home Sales End Strong in Nashville

Snowy House

The year ended strong with 33,269 homes sold in the Nashville area in 2014 according to the Greater Nashville Association of REALTORS.  This is up 7.6 percent compared with 30,917 closings in 2013.

Here is a comparison of 2014 and 2013 home sales year to date:

 2013 YTD  2014 YTD
Total Closings  30,917  33,269
Residential  25,664  27,402
Condominium  3,345  3,729
Multi-Family  296  311
Farm/Land/Lots  1,612  1,827

December wrapped up with a 16.3 percent increase from the 2,441 closings reported for the same period in 2013.  There were 2,838 home sales according to stats from the Greater Nashville Association of REALTORS.
“December home sales were up more than 16 percent over December 2013, with nearly 3,000 units closing. Almost every county saw an increase in residential closings, and each experienced an increase in residential median price. The region finished December with 2,458 pending sales. That is the highest number of pendings going into January our region has seen since 2007.” said GNAR President Cindy Stanton.

“As we enter 2015, factors such as the improving economy, job growth and a rise in consumer confidence provide strong foundations for continued health and stability in the housing market, both here and nationally,” added Stanton.
The average cost for both single-family homes and condominiums rose in December.  It was $213,500 for a house and it was $172,999 for a condominium.  A single-family home was on the market for an average of 72 days.

Inventory at the end of December was down again at 12,09d from 13,580 in December of 2013.
A comparison of December home sales by category is:

 December 2013  December 2014
Total Closings  2,441  2,838
Residential  2,032  2,354
Condominium  232  329
Multi-Family  14  30
Farm/Land/Lots  163  125

For the fourth quarter, closings were 8,327 in Greater Nashville which is a 15.7 percent increase compared to the 7,197 closings in the same period in 2013.
“Now is a particularly good time to sell a home. Inventory levels for single-family homes and condominiums are at a three- and two-month supply, respectively. Well-maintained, properly priced and marketed homes are exiting the market quickly, and at satisfactory selling prices for buyers and sellers alike.” Said Stanton.  “Don’t wait until spring to enter the market. Work with a Realtor® now to prepare and list your property ahead of the spring season.”

If you need advice on what to do to list your home or need help selling your house, I’m here to help! You can email me at BT at liveinnashville.com or call me at 615-500-2748.