Best May on Record for Middle Tennessee Housing Market

NASHVILLE, Tenn. (June 7, 2017) – There were 3,943 closings reported for the month of May, according to figures provided by Greater Nashville REALTORS®. This represents an increase of 6.6 percent over the 3,698 closings reported for May 2016.

     Year-to-date closings total 15,606. That is a 7 percent increase compared to the 14,583 closings reported through May 2016.

     “Greater Nashville made May a record-setting month by continuing year-over-year sales gains,” said Greater Nashville REALTORS President Scott Troxel. “In spite of the low supply levels, Middle Tennessee joins the majority of the country in experiencing healthy market trends.

     “The National Association of Realtors predicts an overall annual increase in home sales of 3.5 percent. Last year, locally we experienced an annual increase of 5.6 percent over 2015; based on current pacing, I expect we will see somewhere between the estimated national prediction and the five percent increase we saw last year.”

    A comparison of sales by category for May is:

  May 2016 May 2017
CLOSINGS 3,698 3,943
 Residential 3,065 3,221
 Condominium 403 461
 Multi-Family 25 29
 Farms/Land/Lots 205 232

     There were 3,540 properties under contract at the end of the month, compared to the 3,730 properties under contract at this time last year. The average number of days on the market for a single-family home was 27 days.

     The median residential price for a single-family home during May was $279,142 and for a condominium it was $205,000. This compares with last year’s median residential and condominium prices of $258,900 and $194,000, respectively.

         Active inventory at the end of May was 8,557, down from 9,623 at this time last year. The current inventory of properties by category, compared to last year, is:

  May 2016 May 2017
INVENTORY* 9,623 8,557
 Residential 6,048 5,580
 Condominium 524 504
 Multi-Family 83 54
 Farms/Land/Lots 2,968 2,419

     “The addition of large companies like Ikea and the abundant positive media Nashville is receiving from the Predators place in the Stanley Cup Finals continue to push our region to the forefront of places where people and businesses want to be.

     “The desire for homeownership is not going away,” said Troxel. “Greater Nashville REALTORS is committed to homeownership being an option for all. From being part of conversations about increased affordable housing and the need for transit to the recent completion of our 21st Habitat for Humanity home build last month, we are active in the complete picture of what is valuable and critical to housing in Middle Tennessee.”

     Greater Nashville REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict code of ethics.

*RealTracs, Inc., the regional Multiple Listing Service through which we obtain our market statistics, recently adjusted its statistical reporting in order to more accurately reflect market activity. Beginning in June 2017, Greater Nashville REALTORS will report on the following: 

  • Closings - listed properties that have closed in the month
  • Median Closed Price - the median price of listed properties that have closed in the month
  • Days on Market - the average number of days from Listing Date to Binding Contract Date (of an offer to purchase) for listed properties within a month
  • Under Contract Inventory - the total number of properties that are listed, are under contract and have not closed
  • Active Inventory - the total number of listed properties being marketed that are not under contract

Adjustments to historic statistical data have been made to reflect the recalculated days on market for April 2017 and for May 2016.