Last month, we were happy to report that Nashville’s real estate market was on the uptick again, which REALTORS believed was a sign of the market stabilizing for our area. Of course, everyone was also waiting to see what June would look like, since numbers do tend to drop some in the summer months. Not a chance this year! Once again, we are pleased to report that Nashville’s home sales increased over last year for the month of June and even for the mid-year mark.
Here’s a breakdown of the Nashville home sales for June*
- There were 3,324 home closings reported for June
- This was a 9.4% increase from home sales last year
The total sales for 2014 is up 3.2 % over total sales from 2013 thus far. The good news is that median prices were also up and may mean more houses come on the market in the coming months. As Greater Nashville Association of REALTORS president Hagan Stone states,
“Median prices are up nearly $20,000 over last year for single-family residential homes and condominiums. These price increases may encourage some people to sell, which would be helpful since inventory in the Greater Nashville areas remains low.”
Both condo sales and residential sales were up for June, along with farm, land and lot sales. At the end of May, a number of home sales were pending, adding to these June numbers. Since the inventory is lower right now, it remains to be seen if July posts the same increases.
If you are considering selling your Nashville home, you may find the following prices for Nashville home sales in June helpful:
- The median price for a single-family house was $222,000 compared to $205,950 in 2013
- The median price for a condo was $171,250 compared to $159,000 in 2013
Now is the perfect time to talk to a REALTOR about options and a plan for selling or buying a home in the Nashville area. The average number of days a single-family home stayed on the market in June was 65, which is even lower than the previous months.
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 here.
* all numbers provided by the Greater Nashville Association of REALTORS