NASHVILLE, Tenn. (Feb. 7, 2019) – There were 2,274 home closings reported for the month of January, according to figures provided by Greater Nashville REALTORS®. This figure is down 1 percent from the 2,298 closings reported for the same period last year.
“January home sales were down slightly from this time last year,” said Greater Nashville REALTORS® President Andrew Terrell. “The government shutdown impacted closings in January to some degree, but overall, 2019 is off to a great start.”
There were 2,853 sales pending at the end of January, compared to 2,951 pending sales at this time last year. The average number of days on the market for a single-family home was 40 days.
The median price for a residential single-family home was $293,650, and for a condominium, it was $200,100. This compares with last year’s median residential and condominium prices of $281,500 and $210,098 respectively.
Inventory at the end of January was 11,150, up from 8,332 in January 2018.
“Housing Inventory continues to show a steady and consistent gain which is critical to a strong and healthy market. Median home prices show a fairly consistent gain for residential single-family homes. The average home spent a little extra time on the market in January. Overall this past month’s home sales and our strong local economy build the foundation for a great year,” added Terrell.
The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.
Give Team Kipp a call if you have any questions about the local real estate scene. We’re happy to explain the current housing market in clear and straightforward terms.
Considering selling your home? Let us provide you with a current market analysis of your home. Our team’s average days on market for 2018 was 12.75!