There were 3,558 closings reported for the month of May, according to figures provided by the Greater Nashville Association of REALTORS®. This represents an increase of 15.6% from the 3,079 closings reported for May 2014.
Year-to-date closings total 13,402. That is an 11.6% increase compared to the 12,012 closings reported through May 2014.
“The summer is always a hot time for home sales. Middle Tennessee hasn’t seen a month of May this strong since 2007,” said Cindy Stanton, GNAR President. “This is the first time since June of 2007 that we have exceeded 3,500 units sold in one month. The steady increase in home sales is the sign of a vibrant market.”
The median residential price for a single-family home during May was $235,000 and for a condominium it was $175,000. This is up from last year’s median residential and condominium prices of $209,900 and $174,000.
Inventory at the end of May was 13,764, down from 15,962 in 2014.