Greater Nashville Home Sales Increase at Mid-Year
Press Release by GNAR; July 8, 2014
Tenn. (July 8, 2014) – There were 3,324 homes sold in the month of
June, according to figures provided by the Greater Nashville Association
of REALTORS®. That figure is up 9.4 percent compared to the 3,038
closings reported for June 2013.
Second-quarter numbers are up, with 9,170 closings reported, a 3.3
percent increase from the 8,879 closings reported through the second
quarter of 2013. Year-to-date closings for the Greater Nashville area
are up 3.2 percent with 15,336 compared to the 14,859 closings reported
through mid-year 2013.
“The June, second-quarter and year-to-date figures are all up
compared to the same periods last year,” said GNAR President Hagan
Stone. “Median prices are up nearly $20,000 over last year for
single-family residential homes and condominiums. These price increases
may encourage some people to sell, which would be helpful since
inventory in the Greater Nashville areas remains low.”
The median residential price for a single-family home during June was
$222,000, and for a condominium it was $171,250. Last year’s median
residential and condominium prices for June were $205,950 and $159,000,
There were 3,313 sales pending at the end of June, compared with
3,091 pending sales at this time last year. The average number of days
on the market for a single-family home was 65 days.
Inventory at the end of June was 16,157, down from 16,828 in June 2013.
“June finished with just over 16,000 properties on the market.
Overall, that’s a five-month supply, which is just shy of the six months
we’d like to see for a healthy market,” added Stone. “In addition, the
number of days homes were on the market decreased to 65 days from 73.
“These numbers indicate that this is a great time for properly
priced, market-ready homes. However, homeowners should remember that
curb appeal is key. Buyers are very discerning and opportunities for
sales can be missed if sellers do not prepare their properties well.”
### The Greater Nashville Association of REALTORS(R) is one of
Middle Tennessee’s largest professional trade associations and serves as
the primary voice for Nashville-area property owners. REALTOR(R) is a
registered trademark that may be used only by real estate professionals
who are members of the National Association of Realtors(R) and subscribe
to its strict code of ethics. ###
Source: GNAR Press Release, 070814
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