May proved to be another good month for the real estate market! There were 3,079 home closings reported in the month of May alone according to the Greater Nashville Association of Realtors. This means a .6% increase from May 2013. The year-to-date closings are up 1.6% from last year with a reported 12,012 so far in 2014.
A comparison of sales by category for May is:
CLOSINGS 3,061 3,079
Residential 2,562 2,544
Condominium 311 347
Multi-Family 29 21
Farm/Land/Lots 159 167
The average number of days on the market for a single-family home was 70 days. The median residential price in May was $209,900 for a single-family home and $174,000 for a condominium. This is up from last year as well.
The current inventory of properties by category for May is:
Inventory 16,760 15,962
Residential 10,415 10,414
Condominium 1,330 1,128
Multi-Family 199 146
Farm/Land/Lots 4,816 4,274
If you’re considering putting your home on the market, be sure it is market-ready and properly priced. We can help make your home attractive to buyers. Contact us today!