May Market Update

    NASHVILLE, Tenn. (June 7, 2018) – There were 3,767 closings reported for the month of May, according to figures provided by Greater Nashville REALTORS®. This represents a 4.5 percent decrease from the 3,943 closings reported for May 2017.

    Year-to-date closings total 15,396, a 1 percent decrease compared to the 15,606 closings reported through May 2017.

    “Greater Nashville had a record setting month last year in May 2017 with the highest number of closings in one month in the history of the region. It is not surprising to see a normalization of the sales in May 2018,” said Greater Nashville REALTORS® President Sher Powers. “The higher number of homes under contract at the end of May 2018, compared to last year, sets the stage for what could be a very strong month of June.”

    “Even with rising interest rates we see a healthy and vibrant market with continued strong sales numbers.”

             A comparison of sales by category for May is:

    2017 2018
     Total Closings 3,943 3,767
     Residential 3,221 3,135
     Condominium 461 403
     Multi-Family 29 31
     Farms/Land/Lots 232 198

    There were 3,575 properties under contract at the end of the month, compared to the 3,540 properties under contract at this time last year. The average number of days on the market for a single-family home was 28 days.

    “The increase in residential and condominium inventory is very healthy for the market. We saw a substantial inventory increase in both residential single-family homes and condominiums. This helps balance out a market that has seen a much lower inventory supply.”

    The median residential price for a single-family home during May was $299,900 and for a condominium it was $226,000. This compares with last year’s median residential and condominium prices of $279,142 and $205,000, respectively.

    Active inventory at the end of May was 9,511 which increased from 8,557 in 2017. The current inventory of properties by category, compared to last year, is:

    2017 2018
     Total Inventory 8,557 9,511
     Residential 5,580 6,460
     Condominium 504 668
     Multi-Family 54 76
     Farms/Land/Lots 2,419 2,307

     


    This article was originally published at Greater Nashville Realtors

     

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