Middle Tennessee Real Estate hit a major milestone in May. Total monthly closings surpassed 3,000 units, the most seen in a single month in nearly six years – since August 2007! We love this kind of news and think it speaks volumes to the increasing health of the Nashville market.
GNAR President Price Lechleiter says the greater Nashville market appears to be not only stabilizing but growing stronger with median prices increasing while remaining affordable.
There were 3,069 sales pending at the end of the month, compared with 2,671 sales pending at this time last year. The average number of days on the market for a single-family home was 73 days.
The median residential price in May was $195,000 for a single-family home and $166,900 for a condominium. This compares with last year’s median residential and condominium prices $179,000 and $160,000, respectively. Inventory at the end of May was 16,760, down from the 19,503 reported in May of 2012. (We’ve said it before… let us say it again, now is the time to sell!!)
“As expected, inventory is down from last year and about the same number as last month,” added Lechleiter. “The limited inventory creates opportunities and challenges for both buyers and sellers. While median prices are increasing, they are not yet at the level some sellers want or need in order to sell, so inventory is limited. That means the market-ready, properly-priced properties that do come on the market are very popular and are selling quickly.”
“In these times, the value of a real estate professional becomes even more evident. Realtors use their experience and training to help buyers and sellers navigate the trends and uncertainties of the current market and enable both of these groups to have a positive transaction experience.”
Are you interested in jumping into the Nashville real estate market by buying or selling a house? As aforementioned, using an agent can be a huge help during a real estate transaction, especially in markets like the one we’re in now that can be a bit tricky to navigate. We’d be more than happy to sit down with you and talk you through your real estate situation, advise you on your next steps and walk you through the process from start to finish. Contact us today!
And – as always – take a look at our current Nashville Real Estate listings here.