For many segments of the Nashville real estate market, 2015 really was a tremendous year. But just how good of a year was it? Well, now that all the final numbers are in and we can take a look back at the year that was, the one key stat that stands out most is that home sales were as high as they’ve been in just under a decade.
According to reports, the Nashville area saw 36,873 closings in 2015, a number that’s up nearly 11% compared to 2014, and easily the most homes sold in our market since 2006.
Despite the holiday season usually bringing a slowdown, December was also a very strong month for the local market, which saw 3,194 closings alone. The median home price for both single-family homes and condos sold in December was also up, with the median price for sold single-family homes recorded at $242,945 and the median price for sold condos peaking at $194,183.
Unfortunately, inventory around Nashville is still down, with just 10,846 homes, condos, and lots available at the end of December. Down from 12,093 homes, condos, and lots at the end of 2014, there’s no doubt the dwindling inventory continues to have an impact on rising home prices all throughout the Greater Nashvillle area, but especially closer to downtown.