Ready for some more good news relating to Middle Tennessee’s Real Estate market? There were 3,151 home closings reported for the month of July, according to figures provided by the Greater Nashville Association of Realtors. This represents a 22.4 percent increase from the 2,574 closings reported for the same period last year.
Year-to-date closings have increased, too. Currently, they are at 18,010, an increase of 23.6 percent from the 14,568 reported through July 2012.
GNAR President Price Lechleiter says the 22 percent increase in home sales in July is “very good news.” He says, “The fact that it is a continuation of the upward trend of the last 23 months is convincing evidence that this region is experiencing sustainable growth in the real estate market. The continuation of excellent visibility and positive economic news for Greater Nashville is attracting more people here, and seems to be building confidence in those already here, so there is more willingness to commit to the purchase of a home.”
Breaking down the numbers a bit further, here are some of July’s real estate sales statistics:
There were 3,083 sales pending at the end of July, compared with 2,648 pending sales at this time last year. The average number of days on the market for a single-family home was 70 days (which so happens to be the lowest amount of time spent on the market since October 2007!). The median residential price for a single-family home during July was $204,000 and for a condominium, it was $154,500. These numbers compare with last year’s median residential prices of $181,250 and $156,220, respectively.
Inventory at the end of July was 16,651, down from last July’s 18,868. In fact, inventory is only at about a 5-month supply overall and slightly less than 4-month supply for single-family homes. GNAR President Lechleiter says he expects inventory to grow now that prices have increased, coupled with other factors including the recent increase in interest rates.
To see our current Nashville Real Estate listings, click here. And as always, contact us today if you are ready to buy or sell your home.