Nashville Home Sales Heading Upward

Nashville Home Sales Heading Upward

According to the numbers published by the Greater Nashville Association of Realtors®, the local housing market has seen a 25 percent increase in home sales since this time last year. Compared to recent years, 2012 has been a very strong year as home sales have increased every month.

The total number of closings for the greater Nashville area through September 2012 is 19,440, which is a significant improvement when compared to the 15,531 closings that occurred through the third quarter in 2011.

What makes these numbers particularly encouraging is that the increase in sales is accompanied by a decrease in inventory and an increase in sale price. In September of 2011 sellers had their homes on the market for an average of 94 days. Fast-forward to September of 2012 and homeowners now spend an average of 82 days on the market. And there is less competition among sellers as inventory has shrunk from 20,718 to 17,897 during the same time period.

Homeowners are beginning to see the value of their properties rise again. The average price for a single-family residence has climbed from $163,000 to $175,000 over the last year. Condominium owners have also seen an increase in property values, going from an average price of $144,900 to the current $153,900.

Dorothy Lee Headshot
Phone: 615-973-6363
Dated: January 3rd 2013
Views: 668
About Dorothy: Dorothy Lee’s 22+ years extensive knowledge and experience in Real Estate provides her a unique v...

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