There was a 24% increase in home sales from the same period last year. The Greater Nashville Association of Realtors (GNAR) stated that there were 2,078 home closings in October, compared to the 2,397 closings for the same period last year.
Year-to-date closings total 35,674, which represents a 6% increase compared to the 33,679 closings through November 2015.
“Although we experienced a substantial increase in closings this November as compared to last November, our monthly trending this year is in line with typical market trends this time of year. The numbers of closings are high, but have shown fewer closings month by month since the summer,” said GNAR President Denise Creswell.
At the end of November, there were 2,774 sales pending, compared to the 2,516 sales pending for the same period last year. The average number of days on the market for a single-family home was 49 days, which is down from last month.
The median residential price for a single-family home during November was $259,900 and for a condominium it was $182,390. This compares with last year’s median residential and condominium prices of $231,925 and $178,002, respectively.
Inventory at the end of November was 11,225, down from 12,443 in November 2015.
For more detailed information on what is happening in the housing market or to find out what the market is like in your particular neighborhood, please reach out to me.
Janis J. Martin
Realtor, ABR, ASP, CRS, C-RCS, GRI, GREEN, SFR, SRES
Keller Williams Realty
9175 Carothers Parkway, Suite 110
Franklin, TN 37067
Cell | 615.478.6906
KW main | 615.778.1818
When one door closes, another one opens…