While April and May tend to be pretty busy months for the Nashville-area real estate market, latest figures released by GNAR revealed the busy spring season started much earlier in 2016. According to GNAR’s numbers, March saw 3,141 home closings last month alone, which represents a jaw-dropping 10.7% increase compared to homes closed in March of 2015.
In addition, the first quarter of 2016 had 7,601 home closings in the Nashville area, which is also up over 10% from the 6,904 closings over the first quarter of last year. In all, GNAR covers 9 counties in Middle Tennessee, and not surprisingly, all but one had an increase in median home price.
Interest rates are still low and when you combine a substantial pent up demand with the incredible job growth we’re seeing in Nashville, it’s easy to see why housing all throughout the region is red hot right now. According to most reports, both jobs and wages in Nashville are on the rise, making it one of the hottest destinations right now of anywhere in the U.S.
With such a huge jump in closings over the first part of 2016, though, inventory is of course dropping, making it imperative for any potential buyers out there to act quickly when searching for a new home. In March of 2015, 12,775 listings were on the market in GNAR’s coverage area, and this year, just 11,951 listings were available on the MLS last month—a decline of almost 1,000 listings.