July Summer Home Sales Are Still Hot in Nashville

Nashville 4th of July

According to reports from the Greater Nashville Realtors Association there were 3,832 home closings in the month of July.  This is a surprising 17.6 percent increase from 3,258 closings reported in July of 2014. At the end of July there were 3,708 home sales pending compared to 3,201 pending sales the same time last year.  The average amount of time for a single-family home on the market was 57 days.

 July 2014  July 2015
Total Closings  3,258  3832
Residential  2728  3224
Condominium  352  435
Multi-Family  36  23
Farm/Land/Lots 142  150

“The Greater Nashville area continues to reap the benefits of an active and healthy housing market,” said GNAR President Cindy Stanton. “Last month we were a few units shy in the residential market alone of surpassing the total of units closed for all of July 2014.” The median residential price for a home in Nashville in July 2015 was $234,900 and for a condominium it was $161,500.  This compares with last year’s median residential & condominium prices of $221,000 and $170,000 respectively. Inventory at the end of July was down from 15,919 in 2014 to 13,728.  The current inventory of properties for 2015 and 2014 is:

 June 2014  June 2015
Inventory 15,919  13,728
Residential  10,407  9,094
Condominium  1,141  965
Multi-Family  156  116
Farm/Land/Lots  4,215  3,553

This year, there are 21,038 closings year to date for the Greater Nashville area.  With 18,594 closings reported through July of 2014, it is an increase of 13.1 percent increase. “According to data from Realtor.com, Nashville has one of the lowest rates for days on market in the country,” said Stanton. “That is in part due to the lower inventory of available properties, and part because we have such a high demand of buyers looking to make a move.”

As Nashville continues to grow at an astounding rate the sellers have leverage and looking for a home is more of a challenge.  As an experienced REALTOR, I can be of value in your process to help guide you through finding the right opportunity. And, as our city changes and grows, Nashville’s future lies with the current Mayoral election. The election will impact the local economy, transportation, our schools and of course housing. I want to encourage all my readers to vote for what you want to see happen with our city!