It’s already been well-documented that 2016 was a particularly strong year for the Nashville housing market, as previously mentioned in our recently posted year-end review. Now just one month into the new year and we’re already starting to see the beginning of what looks to be an even better 2017.
According to recently released numbers, 2,411 residential properties sold in the Nashville area back in January, which is not only an 11% increase compared to January 2015 but also a record-setting sales volume as well.
Unfortunately for active home and condo buyers in Nashville, though, median prices have also risen compared to this time a year ago, with the median price for a single-family home climbing to $261,500 last month, and the median price for a condo increasing to $184,350. And for anybody keeping track, that’s about a 7.8% spike for home prices and a 2.5% increase for condos in the area.
Another area for concern moving forward is Nashville’s glaring lack of inventory, which is down 10.5% from a year ago when it comes to single-family homes alone. At the end of last month, just 6,687 single-family homes were listed on the Nashville area market, which only reflects about a 2.8 month supply. On average, homes are also selling faster in the early beginning of 2017 as homes that sold in January only sat on the market for 57 days.