Closings Up in Nashville Despite Rising Prices, Dwindling Inventory

The Greater Nashville Association of Realtors has released sales and closings figures for the month of September. Get a full Nashville area market update for the close of last month here.

Closings Up in Nashville Despite Rising Prices, Dwindling Inventory Close
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Closings Up in Nashville Despite Rising Prices, Dwindling Inventory

Posted by Gary Ashton: Blog on Saturday, October 8th, 2016 at 7:29pm.

Nashville Real Estate Market UpdateIt’s been a great year for the Nashville real estate market and September was certainly no different. Earlier in the week, The Greater Nashville Association of Realtors announced that 3,474 homes closed last month, which is up from 3,244 home closings in September of last year.

Yearly figures were also released by GNAR and are up nearly 4% from 2015, bringing this year’s total closings through the month of September up to 29,372.

Despite the relatively moderate increase, the Nashville area market still remaining somewhat stable even with a dwindling inventory is a great sign of how strong the Middle Tennessee real estate market actually is right now, and all signs point to more of the same as we make our way towards the end of the year.

Pending sales are also up through the end of September from 3,244 in 2015 to 3,577 last month. If you’re considering selling your home in Nashville, the average number of days on market has declined by 6 days compared to last year, with single-family homes in the area currently sitting on the market for just 50 days.

As alluded to above, inventory continues to shrink, unfortunately, with the number of listings sitting on the market at the end of last month dropping to 11,886, which is down from 13,141 compared to last year. As you might expect, the decline in inventory is also continuing to drive prices up, with the median price for a single-family home climbing to $256,900, which is up from $236,866 from last year; and the median price for a condo jumping from $171,325 last year to $188,495 at the close of last month.

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