There were 2,145 home closings reported in Greater Nashville for the month of October, which represents a 22.7 percent increase over the 1,748 closings reported for October of 2008. Year-to-date closings are 17,598, which is down 18.4 percent from the 21,581 closings reported for the same period last year. It bears noting that there were more single-family homes sold in October of this year than all four reporting categories combined in October of last year.
The median price for a single-family home during October was $160,000 and for a condominium it was $144,000. This compares with last year’s median residential and condominium prices of $170,000 and $152,500 respectively.
Inventory at the end of October was 23,398, compared with 24,043 in October of 2008. Single-family residential inventory is down significantly and is now in the range of about an 8-month supply – which is much more in balance than has been the case recently.
You can click here for a copy of the complete news release on October home sales. And, you can click here for additional historical data on trends in home sales for Greater Nashville.
