Middle Tennessee Home Sales Begin Taking Shape for Spring

NASHVILLE, Tenn. (April 9, 2018) – There were 3,446 home closings reported for the month of March, according to figures provided by Greater Nashville REALTORS®. This figure represents a .7 percent increase compared to the 3,420 closings in March 2017. 
    Data for the first quarter of 2018 showed 8,210 closings, down 1.5 percent from the 8,338 closings during the first quarter of 2017.
    “March is the early start of the spring home buying and selling season, and it marked a turning point for sales in the region with our first increase in year-over-year sales this year,” said Greater Nashville REALTORS® President Sher Powers. “The data shows what is typical for this time of year, with increases in closings, price and inventory. The strong number of pending home sales indicates a solid season ahead for our market.”
     A comparison of sales by category for March is

  2017 2018
CLOSINGS 3,420 3,446
 Residential 2,783 2,831
 Condominium 397 396
 Multi-Family 26 20
 Farms/Land/Lots 214 199

     A comparison of sales by category for the first quarter/year-to-date is:

  Q1/YTD 2017 Q1/YTD 2018
CLOSINGS 8,338 8,210
 Residential 6,765 6,704
 Condominium 996 897
 Multi-Family 92 65
 Farms/Land/Lots 485 544

     There were 4,076 sales pending at the end of March, compared with 3,739 pending sales at this time last year. The average number of days on the market for a single-family home was 34 days.
     The median residential price for a single-family home during March was $297,915 and for a condominium it was $218,600. This compares with last year’s median residential and condominium prices of $273,500 and $199,900, respectively.
     Inventory at the end of March was 8,521, down slightly from 8,568 in March 2017. The current inventory of properties by category, compared to last year, is:

  2017 2018
INVENTORY 8,568 8,521
 Residential 5,435 5,710
 Condominium 481 560
 Multi-Family 70 66
 Farms/Land/Lots 2,582 2,185

     “April is recognized nationally as Fair Housing Month. This year is even more significant as we celebrate the 50th anniversary of the Fair Housing Act. REALTORS® are long-standing proponents of equal opportunity in housing and will continue working to ensure quality housing is available for all,” said Powers. 
     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 March Market Data Infographic (online) | PDF