June Temperatures Bring Healthy Home Sales

NASHVILLE, Tenn. (July 9, 2018) – There were 4,036 home closings reported for the month of June, according to figures provided by Greater Nashville REALTORS®. This figure represents a 3.8 percent increase compared to the 3,887 closings in June 2017.

 

“The market is heating up. With the rising temperatures, we are seeing homes sell in an average of 26 days and for a slightly higher selling price than in previous months," said Greater Nashville REALTORS® President Sher Powers. “We continue to see inventory increase, which is very exciting for buyers in the months ahead.”

 

Data for the second quarter of 2018 showed 11,222 closings, up .6 percent from the 11,155 closings during the second quarter of 2017.

A comparison of sales by category for June is:

 

2017

2018

CLOSINGS

3,887

4,036

 Residential

3,263

3,385

 Condominium

418

446

 Multi-Family

18

27

 Farms/Land/Lots

188

178

 

 

 

A comparison of sales by category for the Second Quarter:

 

2017

2018

CLOSINGS

11,155

11,222

 Residential

9,219

9,305

 Condominium

1,234

1,270

 Multi-Family

85

85

 Farms/Land/Lots

626

562

 

 

 

 

 

 

 

A report for midyear is:

 

YTD 2017

YTD 2018

CLOSINGS

19,493

19,432

 Residential

15,975

16,009

 Condominium

2,230

2,167

 Multi-Family

177

150

 Farms/Land/Lots

1,111

1,106

 

 

There were 3,379 sales pending at the end of June, compared with 3,914 pending sales at this time last year. The average number of days on the market for a single-family home was 26 days.

 

The median residential price for a single-family home during June was $314,900 and for a condominium it was $221,850. This compares with last year’s median residential and condominium prices of $293,753 and $199,350 respectively.

 

Inventory at the end of June was 11,087, a more than 25 percent increase from 8,842 in June 2017. 

 

The current inventory of properties by category, compared to last year, is:
 

 

2017

2018

INVENTORY

8,842

11,087

 Residential

5,842

7,820

 Condominium

507

896

 Multi-Family

62

124

 Farms/Land/Lots

2,414

2,247

 

 

 

“Currently REALTORS® across the country are focused on the renewal of the National Flood Insurance Program (NFIP),” stated Powers. “If Congress doesn’t reauthorize the program, it will expire on July 31 denying necessary insurance coverage to homeowners and buyers in more than 20,000 communities nationwide. Middle Tennessee is all too familiar with what flooding can do to an area, and more flooding disasters without insurance will be another blow to a national market already struggling to provide housing for all those who want it.

 

We urge Congress to extend the NFIP and pass meaningful reforms to ensure the long-term viability of the program.”

 

About Us: 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.

 

View the June 2018 Market Data Infographic | PDF