spring housing market

There were 3,237 home closings reported for the month of March, according to figures provided by Greater Nashville REALTORS®. This figure is down 6 percent from the 3,446 closings reported for the same period last year.

Data for the first quarter of 2019 showed 8,047 closings, down 2 percent from the 8,210 closings during the first quarter of 2018.

“Inventory and median home sale prices continue to rise across middle Tennessee, said Greater Nashville REALTORS® President Andrew Terrell. “The rising inventory allows homebuyers more options, and the rising home sale prices offer a benefit to sellers as well, thus providing a flourishing and vibrant market as we head into the spring months.”

A comparison of sales by category for March is:

Comparison of sales by category for March 20182019
Total Closings3,4463,237
Residential2,8312,703
Condominiums396361
Multi-Family2025
Farms/Land/Lots199148
Comparison of sales by category for the first quarter/year-to-date20182019
Total Closings8,2108,047
Residential6,7046,677
Condominiums897909
Multi-Family6562
Farms/Land/Lots544399

There were 3,158 sales pending at the end of March, compared to 4,076 pending sales at this time last year. The average number of days on the market for a single-family home was 37 days.

The median price for a residential single-family home was $305,000 and for a condominium it was $223,000. This compares with last year’s median residential and condominium prices of $297,915 and $218,600 respectively.

Inventory at the end of March was 11,276 up from 8,521 in March 2018.

“April is recognized nationally as Fair Housing Month. Realtors are long-standing proponents of equal opportunity in housing and will continue working to ensure quality housing is available for all,” added Terrell.

About Greater Nashville REALTORS®
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.

The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.

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