The Nashville area real estate market is off to a very busy start, and that was especially evident back in February where over 2,500 closings were reported alone. With temperatures heating up and home buyers seemingly out in full force, the busy spring season has apparently come early this year, which is great news for anybody who might be on the fence about selling their home or condo.
As noted in a previous post, the 2,507 home closings that were reported by the Greater Nashville REALTORS® represents a 9.3% jump compared to the number of closings in February of 2016, and the number of year-to-date closings through January and February is also up by over 10%.
In February, multi-family homes in the Nashville saw the largest year-over-year gain from a percentage standpoint, increasing from 18 closings in February 2016 to 39 closings last month. Closings in the farm/land/lots category also saw a nice jump, increasing from 114 closings this time last year to 144 closings this year.
Just 16 more condominiums closed last month compared to February 2016’s total of 270 closings, while residential closings overall jumped from 1,891 closings in February 2016 to 2,038 last month.
The median price for a single-family home in the Nashville area jumped from $235,000 last year to $258,950 last month, while condo prices also increased year-over-year from $174,380 to $192,400. So despite steady gains in home and condo prices, sales continue their upward trend in what continues to be a red hot housing market all throughout Middle Tennessee.