For the first time in seven years, the home sales in Nashville exceeded 30,000 units. December, alone, saw 2,441 closings, which is nearly a 14% increase compared to December of 2012. The fourth quarter for 2013 saw 7,197 closing, up nearly 8% from 2012. This all led to the best year the city has seen in seven years.
In 2013, 30,917 homes were sold in the Nashville region. Compared to 2012, this is an increase of 18.5% with only 26,097 homes sold in 2012. This marked not only the best year in Nashville since 2006, but also the best December since 2006.
Each county in the greater Nashville area saw increased in both the closings and the average home price. Most even saw a similar trend when it comes to condominiums. This marks the first year closings have eclipsed the 30,000 mark for a single year since 2007.
Moving into 2014, these numbers are very positive and encouraging for the real estate market throughout Middle Tennessee and Nashville. The market is showing many signs of stability and growth. Even the number of pending sales in December was up compared to 2012.
Along with the value and the homes sold increasing, the number of days a single-family home was on the market has decreased. The average home stayed on the market for 73 days in 2013, which is lower than 2012.
During December of 2013, the average single-family home sold for $198,838 and the average condominium sold for $156,122. Comparing this to last year's numbers of $187,900 and $149,178 there's certainly an increase in the value of homes.
Inventory was also down compared to December of 2012. The ending inventory for December 2013 was 13,580 homes, while in 2012 it was 15,054.
Prices may be on the rise, but so is buyer activity. With more homes receiving multiple offers, similar trends can be expected in 2014.
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