March Home Sales| Nashville Real Estate

There were 3,141 homes sold in the month of March, according to the figures provided by the Greater Nashville Association of REALTORS. March 2015 reported 2,837 closings, which is a 10.7% increase this year.

Data for the first quarter of 2016 showed 7,601 closings, up 10.1 percent from the 6,904 closings during the first quarter of 2015.

“Home sales performed well in the Nashville area in March, rounding out a solid first quarter in the market,” said GNAR President Denise Creswell. “We experienced double-digit increases for both the month of March and the first quarter, compared to 2015. Each of the nine counties in our reporting area saw increases in residential sales for the quarter; all but one had increases in residential median price, as well.”

There were 3,285 sales pending at the end of March 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 March was $245,000, and for a condominium, it was $181,894. Last year the median for a single-family home was $222,400 and a condominium was $171,831. Inventory at the end of March was 11,951, compared to March 2015’s 12,775.

“Spring is typically the official kickoff of the housing market’s busy season, however our market was busy way before that. Given the continued low interest rates and pent-up buyer demand, don’t expect a slowdown anytime soon,” said Creswell.

“According to the most recent jobs report, 215,000 jobs were added in March. Continued growth in the job sector boosts consumer confidence and adds more potential buyers and competition to the marketplace. All buyers should be prepared to act swiftly upon finding the right property and to face multiple offers in some situations. Working with a Realtor helps buyers to navigate our fast-paced market.”

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