There were 3,030 homes sold in the month of October, according to the figures provided by the Greater Nashville Association of REALTORS. October 2014 reported 3,015 closings, which is a 0.5% increase this year. Year-to-date closings for Greater Nashville area are on a 11.9% incline. This is reported from the 31,282 closings this year compared to the 27,957 closings through October of last year.
October 2014 | October 2015 | |
CLOSINGS | 3,015 | 3,030 |
Residential | 2,485 | 2,519 |
Condominium | 332 | 328 |
Multi-Family | 24 | 18 |
Farms/Land/Lots | 174 | 165 |
“We are in the last quarter of the year, a time when the real estate market typically begins a seasonal slowdown,” said GNAR President Cindy Stanton. “While closings weren’t up by double digits, the market didn’t technically slow down; it merely maintained. A region looks for steady activity and growth to sustain its vitality. The leveling-off in sales is actually a good sign for the health of our market.”
There were 2,905 sales pending at the end of October and the average number of days on the market for a single-family home was 58 days. The average price for a single-family home during October was $230,000, and for a condominium it was $171,737. Last year the median for a single-family home was $205,900 and a condominium was $165,000. Inventory at the end of October was 12,894, compared to October 2014’s 15,051. See more here.
October 2014 | October 2015 | |
INVENTORY | 15,051 | 12,894 |
Residential | 9,609 | 8,576 |
Condominium | 972 | 873 |
Multi-Family | 143 | 110 |
Farms/Land/Lots | 4,327 | 3,335 |