As reported by GNAR, the month of August saw 3,770 closings reported, which means a 16.7 percent increase over the 3,226 closings reported for August in 2014. Overall, closings have increased 13.7% from 2014-2015, with 2988 more closings in 2015.
GNAR President Cindy Stanton reported, “For the fourth consecutive month and the seventh time this year, our region has seen a double-digit increase in area home sales. Year-to-date we have already had more closings than 2008, 2009, 2010 and 2011 saw in their respective full years. We are on pace to finish 2015 with the type of annual sales we experienced a decade ago.”
The average single-family home was on the market for 55 days, with $235,000 as the median residential price for a single-family home during August, while $169,000 was the price for a condominium. That’s up from last year’s median residential prices of $219,000, while there was no change in the price from last year’s condominiums at $169,000.
Once again, inventory was down — from 15,477 to 14,511 (from August 2014-2015) — proving how busy the Nashville market is. The real estate market in Music City is thriving, and by all reports it is likely to stay that way.
If you are looking to buy or sell a Nashville home, our award-winning real estate team would love to help. Give us a call at 615.550.5565 or drop us a line today.