The spring season is traditionally when the U.S. housing market really starts picking up steam, and that certainly seemed to be the case last month in Nashville, when more home buyers appeared to be out in full force. According to new data from the Greater Nashville Association of Realtors, the Nashville area real estate market recorded 3,420 closings last month, which is up significantly from 3,141 closings in March of 2016.
In addition to the spike in sales volume, both home and condo prices in Nashville last month were also on the rise, further confirming Nashville truly is one of the hottest markets in the country right now with no signs of a slowdown coming anytime soon.
The median price for a single-family home in Nashville increased by 11.6% year-over-year in March, jumping from $245,000 in 2016 to $273,500 in 2017. Condo prices in Nashville also increased by nearly 10%, going from $181,894 this time last year to $199,900 last month.
As mentioned in a report from the Nashville Business Journal, last month’s sales total was just 96 units short of tying the strongest March on record, which dates back to March of 2006.
Nashville homes also sold faster last month compared to 2016, having sat on the market for an average of 50 days compared to 64 days in March of 2016.