Good news for Nashville homeowners: Home sales in the Nashville area were up last month (January) 6.6% from the same period last year! This is a huge improvement, especially considering the terrible weather this January brought to the Middle Tennessee area. This marks the end of a period of six months in which sales were down compared to the previous year.
Residential homes represented the largest percent increase from this year to last year, as opposed to condominiums or empty lots. These single-family residential homes have increased in price over the last year as well, with the median home sales price jumping $6,000 from last year. The average house that sold this January had been on the market for 102 days, just barely an increase over last January’s average of 99 days. Overall, the residential housing market is looking very strong for 2011!