With 2016 now well behind us, updated housing data from the year that was continues to pour in, giving those of us who work in the real estate industry some insight as to how well the Nashville real estate market fared over the last 12 months.
According to recently released figures from the Nashville Association of Realtors, a total of 38,954 homes were sold last year in the Nashville area, which is up from 36,873 closings in 2015, or about a 5.6% increase in overall sales.
With inventory low throughout much of 2016 and housing demand strong, home values jumped by 11% in 2016, reaching an average sales price of $255,660. In 2015, the average sales price in Nashville was recored at $229,584.
With a very healthy job market that continued to expand last year, more and more people are moving to Nashville, helping explain an 8% decline in the average days on market for homes in the area. At year’s end, the average days on market for homes in Nashville fell from 63 days back in 2015 to just 55 days in 2016, which demonstrates what a strong sellers’ market its been in recent months.
With mortgage rates expected to keep rising throughout 2017, early projections have market conditions remaining fairly steady (and healthy) over the first part of the year, as more buyers who didn’t end up buying in 2016 looking for finally purchase in order to still take advantage of low mortgage rates.