There were 3,832 home closings reported for the month of July, according to figures provided by the Greater Nashville Association of REALTORS®. This represents a 17.6% increase from the 3,258 closings reported for the same period last year.
Year-to-date closings for the Greater Nashville area are 21,038. That is an increase of 13.1% from the 18,594 closings reported through July 2014.
“The Greater Nashville area continues to reap the benefits of an active and healthy housing market,” said GNAR President Cindy Stanton. “Last month we were a few units shy in the residential market alone of surpassing the total of units closed for all of July 2014.”
There were 3,708 sales pending at the end of July, compared with 3,201 pending sales at this time last year. The average number of days on the market for a single-family home was 57 days.
The median residential price for a single-family home during July was $234,900 and for a condominium it was $161,500. This compares with last year’s median residential and condominium prices of $221,000 and $170,000, respectively.
Inventory at the end of July was 13,728, down from 15,919 in July 2014.
“According to data from Realtor.com, Nashville has one of the lowest rates for days on market in the country,” said Stanton. “That is in part due to the lower inventory of available properties, and part because we have such a high demand of buyers looking to make a move.”