According to Greater Nashville Realtors’ president Scott Troxel, a strong foundation has paved the way for 2017. In terms of real estate, inventory will continue to flood the market in Nashville and across the country, and Troxel believes that working with a realtor will be a definite advantage for customers this year. GNR published stats that show an increase in closings of 2.7% in the month of December from 2015 to 2016. Fourth quarter closings were up 11% at year’s end and total sales for 2016 increased by a whopping 5.6%! Scott says, “2016 was an excellent year for real estate in Middle Tennessee…Median prices rose, which was plus for those selling last year. For buyers, interest rates remained low and for those who we were ready for homeownership, the opportunity to buy was there.” According to the data provided by GNR, the fourth quarter of 2016 was the best, and strongest, the region has ever experienced! The average time a single-family home was on market this year was only 50 days, with a median price of $266,408, over a $23,000 increase from 2015! Inventory continues to decrease, giving the Nashville real estate market hope of a bright and healthy future. Read more here.
Written by Administrative Intern Tessa Holder