By now, we’ve all heard that 2015 was a tremendous year for the Nashville real estate market, with both home sales and home values both seeing increases (which quite possibly could still be on the rise by the way). But looking back, just how good was the last 12 months or so for real estate in Nashville? Well, by taking a closer look at the spike in closings from 2014 to 2015, the picture should become a bit more clear.
According to the Greater Nashville Association of Realtors®, December alone saw nearly 3,200 closings, a number that’s up 12.5% from 2,838 closings in December 2014. Consequently, the strong month helped boost Fourth quarter numbers overall, with closings up 3.5% compared to the last three months in 2014.
Year to date, 2015 saw just over 3,600 more closings that 2014, or an increase of just under 10%. Of all the major real estate categories, multi-family is the only property-type that saw a decline in the total number of closings in 2015 from 311 in 2014 to just 255 last year.
Perhaps the most surprising element to closings in 2015 was the increase in the condos category even despite a lack in inventory. Back in 2014, 3,729 condos in the Greater Nashville area closed compared to an impressive 4,259 closings in 2015.
Overall, the 2014 market saw a total of 33,269 closings, with 2015’s final number registering at 36,873, which includes everything from single-family homes and condos to multi-family properties and farms, land, and lots.