We hope over the last six months we’ve helped you gain a better understanding of our local real estate market. This month we want to talk about some numbers The Greater Nashville Association of Realtors released recently, and why they’re important.
More homes sold
There were 12.2% more property sales in the first half of 2015—17,206 closings up from 15,336 closings—than in the same period in 2014. Those numbers are the best January-to-June Nashville-area numbers in a decade.
Higher home sales prices
The median price of a Nashville-area single family home is now $240,000, meaning half of the single-family homes that closed in June, 2015 cost more than $240k and half cost less. Last June, the median home price was $222,000. That’s an 8% increase in the median price of a single-family home in one year.
The number of properties on the market in all residential categories dropped over the last 12 months. In June, 2015 there were 13,823 properties on the market, a 14.4% decrease over the 16,157 on the market back in June, 2014. Despite that decline in available homes, new people have continued moving to the Nashville area.
The average number of days on the market, i.e. the time from when a listing becomes active until an offer is accepted, has dropped from 77 to 57 since the first of the year. As you may know, many properties in highly-sought-after areas of Nashville spend fewer days on the market—a week or less in many cases and contribute mightily to the trend towards speedier sales.
What does all this mean?
Prices are rising, demand is rising and there are fewer properties available. It’s a good time to sell, and it seems that will continue to be the case—at least in our real estate market—for the foreseeable future. Will a rise in home mortgage rates affect the current scenario? Let’s revisit that question later this year.