Nashville Real Estate Market

    According to the Greater Nashville Association of Realtors (GNAR), Nashville area home sales were down in the month of June for the fifth month in a row.  GNAR recently reported that 2,031 homes were sold in Nashville last month, a 16 percent drop from the 2,416 closings in June 2010.  The drop off seems to be concerning many, and is steeper than the month of May, which had a decrease of 14.3 percent.  Alice Walker, President of GNAR shared with the Nashville Business Journal, “Current home sales data for Greater Nashville and Middle Tennessee continue to reflect the challenges affecting the overall economy… The tax credits in place last year continue to make it difficult to accurately compare numbers. But, it is encouraging to see that both closings and pendings remain consistent. While prices will change from month to month, the range of fluctuation is within a range that would also indicate general stability – much more than is being experienced in other parts of the country.”  The median price for a single family home in June also was down to $176,300 compared to $181,312 a year ago this month.   To look more on the bright side, there were 2,130 sales pending at the end of June this year than the 1,976 pending sales a year ago.  With pending home sales on the rise, there are hopes in slowly turning things around.   Despite some not so great news, housing statistics over the past 6 months seem to be extremely positive.  The total number of homes sold in January 2011 was only 1,101 compared to June 2011 with 2,031 closings.  The median price for a single-family home in January was $165,500 while the month of June increased to $176,300. Real estate leaders are currently doing more to find ways to strengthen and enhance the housing and real estate market.

    Trackback from your site.

    Leave a Reply

    About our blog

    Our agents write often to give you the latest insights on owning a home or property in the local area.