According to the Greater Nashville Association of Realtors (GNAR), there were 1,976 home closings reported for the month of January. This figure is up 11.1% from the 1,779 closings reported for the same period last year.
“This was the strongest January our market has experienced since 2007,” said GNARPresident Cindy Stanton. “While our market began making positive strides in 2013, last year was monumental in establishing a stronger foundation for our market. ”
There were 2,204 sales pending at the end of the month, compared with 1,979 pending sales at this time last year. The average number of days on the market for a single-family home was 77 days.
The median residential price for a single-family home during January was $215,000 and for a condominium it was $172,250.
Inventory at the end of January was 12,663, lower than the 13,962 in January 2014.