Nashville area closings spiked nearly 10% in October compared to a year ago, according to recently released numbers from The Greater Nashville Association of Realtors. In all, 3,030 closings were recorded last month, brining the year-to-date total up to 32,696 as of the end of October.
While Nashville remains one of the hottest real estate markets in the country, the sales volume continuing to increase is somewhat surprising given Nashville’s dwindling inventory. Compared to October of two years ago, inventory is down by nearly 1,000 homes, which could be a trend that carries into next year as new construction continues to struggle keeping up with demand.
Homes for sale in Nashville are also selling at a lightning-fast pace, with the average number of days on market falling to just 51. And as you might expect, Nashville area home and condo prices have also been on the rise, with the median price for single-family homes jumping up from $230,000 this time last year to $261,000 last month; and condos increasing from $171,737 to $186,000.
For added perspective, even if sales remain flat in November and December, the Greater Nashville Area is still on pace to see more overall sales in 2016 compared to last year.