Nashville September Home Sales Go Up Double

Fall-Nashville

In the month of September 3,444 home sales were reported.  According to Greater Nashville Association of Realtors that is a 10.3 percent increase from September 2014 at 3,122 closings.

 September 2014  September 2015
Total Closings  3,122  3,444
Residential  2,541 2,839
Condominium  384  408
Multi-Family  28  21
Farm/Land/Lots  169 176

 

For the third quarter home sales were 15 percent higher in 2015 at 11,046 than last year at 5,606.

3rd Quarter 2014  3rd Quarter 2015
Total Closings  9,606  11,046
Residential  7,945  9,236
Condominium  1,099 1,253
Multi-Family  99  78
Farm/Land/Lots  463  479

“The double-digit increases in home sales for the third quarter and year-to-date are further proof of how strong the real estate market and the overall economy is in Middle Tennessee,” said GNAR President Cindy Stanton. “Every county covered in the report showed an increase in residential sales and median price, with most showing the same for their respective condominium markets. As a region, we are nearly double the sales for the third quarter compared to the same period less than five years ago in 2011.”

There were 28,252 year-to-date closings in the Nashville area this year. This is up 13.3 percent form 2014 with 24,942 closings.

Cindy Stanton predicts, “With so many factors remaining unchanged, we are confident the fourth quarter will be a favorable one for our housing market. A recent report from RealtyTrac showed that because of low interest rates and market conditions, buying the average home now is 48 percent more affordable than pre-recession in 2006”.

The average number of days a home had been on the market for September was 56 days compared to 68 in 2014.

Inventory at the end of September was 13,141 down from 15,182 last year.

September 2014  September 2015
Inventory  15,182  13,141
Residential  9,924  8,729
Condominium  988  889
Multi-Family  154  120
Farm/Land/Lots  4,116  3,403

The median residential price and for a condominium during September was $171,325 and for a single family home was $236,866.  This compares to median residential and condominium prices of around $211,400 and $162,000 last year.

While summer home sales have wrapped up, fall is still a great time to buy and maybe an even better time to buy.  Typically in the fall competition for housing calms down a little making it an excellent time to buy as home owners will not want to keep their house on the market thought the busy up-coming holiday season.  Don’t’ miss the chance to get into the rising real estate market in Nashville.  Give me a call at 615-500-2748  or email bt@avenuerealestate.com.