The spring season is usually one of the busiest times of the year for the Nashville real estate market, and the spring of 2017 didn’t disappoint. According to recently released numbers from the Greater Nashville Realtors, the Nashville area posted 3,943 closings during the month of May, which not only represents the highest total during any May on record, but also a 6.6% spike in closings compared to May of 2016.
Perhaps what makes May’s closing numbers especially remarkable is that home prices all throughout the Nashville area only continue to rise, which so far hasn’t slowed sales. At the close of last month, the median price for a single-family home in Nashville reached $279,142, which is up from $258,900 just one year prior.
Condo prices in Nashville also jumped in May, going from $194,000 in May 2016 to $205,000 in May 2017. Homes and condos for sale in Nashville are also selling quite quickly in the early goings of 2017, and during the month of May, the average single-family home in Nashville sat on the market for just 27 days, only putting added pressure on home buyers who are looking to make a move and secure something during what’s easily been one of the hottest markets we’ve ever seen in Music City.