2013 was a good year for Nashville’s Real Estate market! Greater Nashville Association of Realtors President Price Lechleiter said in a recent press release that November’s increase in sales, albeit a single digit increase (more on that below), is “evidence that the market in this region is stable and growing.”
There were 2,287 home closings reported for the month of November, up just a single digit – 4 percent- from the same period last year. Year-to-date closings through November, however, are up 18.9 percent from last year’s sales through November at 28,476 this year compared to 23,950 last year. The total number of closings through November already exceeds the 26,097 total closings for all of last year, with one full month remaining.
“With 2,000 sales pending, the Greater Nashville area is well on its way to 30,000 closings for the year. These signs are welcome as we begin to look toward 2014,” said Lechleiter.
Breaking down the numbers a little further, there were 2, 192 sales pending at the end of the month, compared to 2,069 pending at the end of November 2012. A single-family home spent an average of 70 days on the market.
The median residential price for a single-family home in November was $195,000 and for a condominium, $150,000. This compares with last year’s median prices of $179,900 and $152,000 respectively. Inventory at the end of November was 15,262, compared with last year’s 16,577.
“The median price for single family homes is up significantly, though down slightly for condominiums. Inventory remains low and will likely remain that way until early 2014 when seasonal home buying trends increase,” added Lechleiter. “Though there are fewer properties available now compared to 2012, it’s still very important for sellers to have a well-maintained, show ready home that is appropriately priced. Buyers looking during the holiday season are serious shoppers and transactions will definitely continue this month.”