Home sales in Nashville, Tennessee, have increased by a whopping 20.8% in June compared to the same month just one year ago, providing further evidence of a strong recover in the local real estate market.
According to the Greater Nashville Association of Realtors (GNAR), a total of 2,453 homes in the Nashville area were snapped up last month. This is a big jump up from the total sales in June 2011, which numbered just 2,031. This latest strong performance means that home sales in Nashville are up by 24.5% on the year before.
Kendra Cooke, President of the GNAR, stated that the growth in home sales is strong evidence that when it come to real estate, “all markets are local”.
“Even though recent national reports on home sales haven’t been encouraging, activity in Nashville remains incredibly brisk. What’s more, this activity is proving itself to be sustainable,” added Cooke.
Indeed, Cooke does have a point. So far, 2012 has been a stellar year for Nashville real estate, with sales figures for June, the first quarter, the second quarter, and indeed, the year-to-date have all seen 20% increases on the same periods in 2011. Furthermore, this is expected to continue, with the GNAR revealing that another 2,500 sales in the city remain pending completion.
It’s not only sales that are looking good in Nashville – prices are also on the up. Last June saw the average sales price in Nashville hit $182,000, up from $176,300 in June of last year. Condos were also up – from $150,000 in June 2011 to $160,190 this year.
Another good sign for Nashville real estate markets is its decreasing inventory, which has slipped across the board this month. According to the GNAR, Nashville now has less than an eight-month supply for all home type, with less than a six-month supply for single-family homes.
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