There were 2,167 homes sold in the month of January, according to the figures provided by the Greater Nashville Association of REALTORS. January 2015 reported 1,976 closings, which is a 9.7% increase this year.
“The continuing upward trend in home sales is a positive, however there are challenges to housing that still need to be addressed,” continued Creswell. “Most notably is the need for more affordable housing. Many buyers are going outside of the Greater Nashville area to find more affordable options, so hopefully soon there will be some additional programs in place to provide more economical options for buyers.”
“As expected, 2016 home sales picked up where 2015 left off. Closings were up almost 10 percent over January of 2015,” said GNAR President Denise Creswell. “Beginning the year with over 2,000 closings is an encouraging start. The last time our region saw a January with more than 2,000 closings was 2007. Our January numbers have consistently increased since 2010.
There were 2,212 sales pending at the end of January and the average number of days on the market for a single-family home was 64 days. The average price for a single-family home during January was $242,668, and for a condominium, it was $179,900. Last year the median for a single-family home was $215,500 and a condominium was $172,250. Inventory at the end of January was 11,352, compared to January 2015’s 12,663.
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