Warmer Temperatures Contribute to Early Spring for Middle Tennessee Real Estate Market

NASHVILLE, Tenn. (March 7, 2017) – There were 2,507 home closings reported for the month of February, according to data provided by Greater Nashville REALTORS®.

     This represents an increase of 9.3 percent from the 2,293 closings reported in February 2016. Year-to-date closings through February 2017 are 4,918, a 10.3 percent increase from the 4,460 closings reported through February 2016.

     “Spring is in the air and in the real estate market,” said Greater Nashville REALTORS President Scott Troxel. “A few days of warmer temperatures helped our region finish strong in February, closing over 2,500 units. We saw year-over-year increase in all categories, with the largest coming in the multi-family sector.

     “Recent announcements regarding economic growth from companies like Mars Petcare, LG and SmileDirect will only to continue to drive our market upward,” said Troxel.

     A comparison of sales by category for February is:

  February 2016 February 2017
CLOSINGS 2,293 2,507
 Residential 1,891 2,038
 Condominium 270 286
 Multi-Family 18 39
 Farms/Land/Lots 114 144

     There were 2,899 sales pending at the end of the month, compared with 2,735 pending sales at this time last year. The average number of days on the market for a single-family home was 54 days.

     The median residential price for a single-family home during February was $258,950, and for a condominium it was $192,400. This compares with median residential and condominium prices of $235,000 and $174,380, respectively, at this time last year.

     Inventory at the end of February was 10,372, down from 11,677 in February 2016. The current inventory of properties by category, compared to last year, is:

  February 2016 February 2017
INVENTORY 11,677 10,372
 Residential 7,707 6,910
 Condominium 755 654
 Multi-Family 96 76
 Farms/Land/Lots 3,119 2,732

     “We typically compare statistics year-over-year, and our inventory is down from 2016. However, the single-family market did pick up in inventory between this past January and February,” said Troxel. “While we still have a way to go to restock our inventory levels, any gain in inventory is good news. This gives buyers more options and alleviates some of the pressure on home prices.”

      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.

 

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