Nashville-Area Home Sales Up 6 Percent in November

NASHVILLE, Tenn. (Dec. 7, 2017) – There were 3,177 home closings reported for the month of November, according to figures provided by Greater Nashville REALTORS®. This figure is up 6.7 percent from the 2,978 closings reported for the same period last year.

     Year-to-date closings for the Greater Nashville area were 37,236 at the end of November. That is an increase of 4.4 percent from the 35,674 closings, reported through November 2016.

      “Sales are up 6.7 percent year-over-year. Typically, sales drop in the fall and days-on-market expand. October to November of 2017 saw that same pattern,” said Greater Nashville REALTORS® President Scott Troxel.

     “Sellers are more hesitant in putting their homes on the market during the holidays and colder months, and conversely, traffic from buyers also slows during this time. However, those who are in the market during the next few months, whether buying or selling, are serious about making a move in the market.

     “Fewer properties on the market means less competition for sellers. When potential buyers are gift shopping more than they are home shopping, that also means less competition for determined buyers. If buying or selling real estate is a priority for you, now is a good time to move forward,” said Troxel.

     A comparison of sales by category for November is:

  2016 2017
CLOSINGS 2,978 3,177
 Residential 2,463 2,667
 Condominium 353 325
 Multi-Family 22 26
 Farms/Land/Lots 140 159

     There were 2,906 properties under contract at the end of the month, compared to the 2,591 properties under contract at this time last year. The average number of days on the market for a single-family home was 29 days.

     The median residential price for a single-family home during November was $285,000 and for a condominium, it was $216,751. This compares with last year’s median residential and condominium prices of $259,900 and $182,390, respectively.

         Active inventory at the end of November was 9,454, down from 9,946 in 2016. The current inventory of properties by category, compared to last year, is:

  2016 2017
INVENTORY 9,946 9,454
 Residential 6,343 6,433
 Condominiums 615 594
 Multi-Family 97 60
 Farms/Land/Lots 2,891 2,367

     “Middle Tennessee is still on track to end 2017 with a record year for our housing market. The positive trends needed to sustain a healthy market – modest growth in sales and prices – continue to mark our region,” said Troxel.

     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 November 2017 Market Infographic (online) | PDF