Strongest Second Quarter on Record for Nashville Area Housing Market

NASHVILLE, Tenn. (July 7, 2017) – There were 3,887 homes sold in the month of June, according to figures provided by Greater Nashville REALTORS®. That figure is up 0.4 percent compared to the 3,869 closings reported for June 2016.

          Second-quarter closings are 11,155, a 2.8 percent increase from the 10,851 closings reported through the second quarter of 2016. Year-to-date closings for Greater Nashville are up 5.6 percent with 19,493 closings compared to the 18,452 closings reported through midyear 2016.

          “The second quarter was our housing market’s strongest on record,” said Greater Nashville REALTORS® President Scott Troxel. “The last time our market performed this well in the second quarter was 2006, with 11,046 closings. We’re a few units short of being ahead of midyear 2006, but with half a year left for sales, I suspect we’ll come close to the 2006 record of more than 40,000 annual closings.

         “Closings for the month of June were virtually flat. This is no surprise given the current disparity between supply and demand in the market.”

         A comparison of sales by category for June is:

  2016 2017
CLOSINGS 3,869 3,887
 Residential 3,188 3,263
 Condominium 470 418
 Multi-Family 33 18
 Farms/Land/Lots 178

188

          A comparison of sales by category for the second quarter is:

  2016 2017
CLOSINGS 10,851 11,155
 Residential 8,948 9,210
 Condominium 1,238 1,234
 Multi-Family 74 85
 Farms/Land/Lots 591 626

          A report for midyear is:

  YTD 2016 YTD 2017
CLOSINGS 18,452 19,493
 Residential 15,244 15,975
 Condominium 2,069 2,230
 Multi-Family 143 177
 Farms/Land/Lots 996 1,111

          The median residential price for a single-family home during June was $293,753, and for a condominium it was $199,350. Last year’s median residential and condominium prices for June were $260,148 and $186,495, respectively.

          There were 3,914 properties under contract at the end of June, compared with 3,863 at this time last year. The average number of days on the market for a single-family home was 25 days.

         Inventory at the end of June was 8,842, down from 9,865 in June 2016. The current inventory of properties by category, compared to last year, is:

  2016 2017
INVENTORY 9,865 8,842
 Residential 6,288 5,859
 Condominium 542 507
 Multi-Family 87 62
 Farms/Land/Lots 2,948 2,414

          "The data for June and second quarter home sales prove our market has the necessary stamina to continue forward,” said Troxel. “Even with challenges, buyer demand is still strong and homeownership remains a priority for many of our residents. Working with a Realtor who brings knowledge, experience and professionalism to the transaction helps to remove any anxiety a buyer or seller may have about finding success in one of the country’s most thriving markets.”