As we mentioned in July, home sales tend to slow down a bit toward the end of the summer. There continues to be low inventory in the Nashville market, with homebuyers consistently seeking properties in the area. That said, we’ve seen another increase in home sales from 2013 to 2014. The Nashville real estate market continues its growth!
Here’s a breakdown of the Nashville home sales for August*
- There were 3,226 home closings reported for August
- This was a 4.6 increase from home sales last year
Year-to-date closings for the Greater Nashville area have increased 3.4 percent! Job growth continues its boom for Nashville, which is an important part of sales growth – and proof of a thriving economic community.
Both condo sales and residential sales were up again for August, as were multi-family residential homes. The lower inventory continues to have an impact on the market, as there is less available in every real estate category across the board right now.
Those considering selling a Nashville home right now may be interested in the average price for home and condo sales in August*
The median residential price for a single-family home during August was $219,000 compared to $194,000 in 2013
The median price for a condominium was $169,000 compared with $167,834 in 2013
Much of the country is struggling with low inventory like Nashville is, and this is fantastic news for sellers! Right now is a great time to get your house on the market before winter. Remember, the average number of days a single-family home stayed on the market in August was 65, which puts closing well before the holidays!
Are you thinking of selling you home in the Nashville area? Call us and we can help! Looking for real estate listings in Nashville? Check out the current inventory using the Nashville MLS search.
* all numbers provided by the Greater Nashville Association of REALTORS