Nashville’s Best Home Sales Month Since 2008

Nashville Real Estate Trends

According to GNAR there were 2,500 home closings reported for the month of May.  This represents a 28.5 percent increase from the 1,945 closings reported for May 2011.

Year-to-date closings are 9,541. That total is up 25.5 percent from the 7,600 closings reported through the same period last year.

“With increases in each category, and significant growth in both residential and condominium sales, this is the best month for closings in the region since May of 2008 –  four years ago,” said GNAR President Kendra Cooke. “Median prices have increased since last year and more than 2,600 sales are currently pending. Combined, these numbers show that the Greater Nashville real estate market is continuing to stabilize, and even strengthen.”
A comparison of sales by category for May is:


May 2011 May 2012

  CLOSINGS

1,945

2,500

  Residential

1,595

2,048

  Condominium

209

303

  Multi-Family

16

22

  Farms/Lands/Lots

125

127

 

There were 2,671 sales pending at the end of the month, compared with 2,023 pending sales at this time last year. The average number of days on the market for a single-family home was 84 days.

The median residential price in May was $179,000 for a single-family home and $160,000 for a condominium.  This compares with last year’s median residential and condominium prices $165,900 and $143,000, respectively.

Inventory at the end of May was 19,503, down from the 22,514 reported in May of 2011.

The current inventory of properties by category, compared to last year, is:

 

 

                                        May 2011

                                        May 2012

INVENTORY

22,514

19,503

Residential

14,210

12,028

Condominium

2,083

1,639

Multi-Family

360

290

Farms/Land/Lots

5,861

5,546

 

“Based on the increased level of closings, there is currently an eight-month supply of overall inventory and a just a six-month supply of residential inventory,” added Cooke. “For potential sellers considering putting their home on the market, preparation is key. ‘Curb appeal’ is important and addressing any internal or external issue prior to putting your home on the market will help make it attractive to potential buyers. Buyers are very discerning and opportunities for sales can be missed if sellers do not prepare their properties well.”

The Greater Nashville Association of REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners.  REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics.

[source: GNAR]

See the Nashville Market Trends for April

Our Newest Nashville Home Listings

See all KW Homes For Sale.
(all data current as of 4/24/2014)

  1. 4 beds, 2 full, 1 part baths
    Home size: 3,028 sq ft
    Lot size: 33,976 sqft
    Year built: 1986
    Parking spots: 2
    Listed with Keller Williams Realty
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  2. 3 beds, 2 full, 1 part baths
    Home size: 1,500 sq ft
    Lot size: 9,000 sqft
    Year built: 2014
    Listed with Keller Williams Realty
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  3. 3 beds, 2 full, 1 part baths
    Home size: 2,427 sq ft
    Lot size: 9,147 sqft
    Year built: 1999
    Parking spots: 2
    Listed with Keller Williams Realty
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  4. 3 beds, 2 full, 1 part baths
    Home size: 1,728 sq ft
    Lot size: 9,000 sqft
    Year built: 2014
    Listed with Keller Williams Realty
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  5. 3 beds, 2 full baths
    Home size: 1,677 sq ft
    Lot size: 12,196 sqft
    Year built: 1998
    Parking spots: 1
    Listed with Keller Williams Realty
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  6. 2 beds, 1 full bath
    Home size: 676 sq ft
    Lot size: 8,712 sqft
    Year built: 1935
    Parking spots: 1
    Listed with Keller Williams Realty
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  7. 0 beds, 0 baths
    Home size: 2,400 sq ft
    Lot size: 26,565 sqft
    Year built: 1960
    Parking spots: 2
    Listed with Keller Williams Realty
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  8. 3 beds, 2 full baths
    Home size: 2,925 sq ft
    Lot size: 11.66 ac
    Year built: 1981
    Listed with Keller Williams Realty
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  9. 4 beds, 3 full, 1 part baths
    Home size: 5,500 sq ft
    Lot size: 5.39 ac
    Year built: 2000
    Parking spots: 3
    Listed with Keller Williams Realty
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  10. 4 beds, 2 full, 1 part baths
    Home size: 2,950 sq ft
    Lot size: 9,583 sqft
    Year built: 1999
    Parking spots: 2
    Listed with Keller Williams Realty
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