2018 Real Estate Market Review

    2018 Real Estate Market Review

    2018 was another strong year for residential real estate in Davidson County. The Nashville market continues to make national headlines and home prices, as well as inventory, were both on the rise.  See our report below for a breakdown by the numbers.

    Davidson County Overview

    Price ranges that saw the biggest change since 2017

    $100,000 – $149,999: Largest decrease at -37.41% (740 less sales in 2018)

    $750,000 – $799,999: Largest increase at 43.14% (44 more sales in 2018)

    Sales by zip codes | top 3 zip codes with the highest average sale price in 2018

    $743,216 — (37205) Belle Meade/West End

    $739,235 — (37215) Green Hills

    $684,986 — (37220) Oak Hill

    Single Family Sales

    Average sale price: $385,209 ($22,090 increase from 2017)

    October ended with the highest average sale price at $410,033 ($49,797 increase from October 2017)

    Prices were on the rise and so was inventory —  17,079 listings added to the MLS in 2018 (901 increase from 2107)

    May saw the largest inventory boost, with 1,681 listing added (4 listing increase from May 2017)

    Higher sale prices and inventory, but fewer residential listings closed in 2018

    10,678 was the total number of MLS listings closed (166 decrease from 2017)

    June had the highest number of closings at 1,091 (71 increase from June 2017)

    Average days on the market was just slightly higher than 2017 at 30 vs. 28 days

    The million dollar plus segment has been steadily increasing as well

    2018: 377 closings — highest sale $7,200,000 — Forest Hills

    2017: 347 closings — highest sale $5,000,000 — Cambridge Downs

    2016: 268 closings — highest sale $5,250,000 — Belle Meade

    Condo Sales

    Average sale price: $277,087 ($25,610 increase from 2017)

    May ended with the highest average sale price at $322,736 ($56,380 increase from May 2017)

    As we saw in the residential market, condo prices rose and so did inventory

    4,432 listings added to the MLS in 2018 (659 increase from 2107)

    April saw the largest inventory increase, with 469 listings added (104 listings more from April 2017)

    Higher sale prices and inventory, but fewer listings closed in 2018 for condos as well

    2,849 was the total number of MLS listings closed (38 decrease from 2017)

    August had the highest number of closings at 301 (23 increase from August 2017)

    Average days on the market was just slightly higher than 2017 at 27 vs. 24 days

    The million dollar plus segment has been steadily increasing in the condo market as well

    Million dollar condo sales more than doubled from 2017 to 2018

    2018: 42 closings — highest sale $5,500,000 — 505 High Rise

    2017: 18 closings — highest sale $2,350,000 — The Adelicia

    2016: 12 closings — highest sale $1,950,000 – Twelve Twelve

    Interest Rates

    Interest rates climbed in 2018, with the average 30 year fixed mortgage rate at 4.54%

    Summary

    We anticipate the real estate market continuing to being strong for Nashville in 2019. There is a flurry of new construction projects and jobs moving into the urban core — Amazon, AllianceBernstein and Asurion are some of the major players opening offices downtown — alone bringing a combined total of 6,400 jobs.

    Residential and condo prices are on the rise, as well as interest rates, which can affect people’s buying power.  However, with an increase in inventory, more days on the market, and decrease in closings from the year prior — the market is evening out and helping buyers face less multiple offer situations than we have seen in recent years past.

    The Nashville market is shifting from a seller’s market to a balanced market — buyers have more choices and owners have competition.  Being knowledgeable, prepared and working with an experienced agent will get you to where you want to be — whether you’re buying or selling.  Let The CityLiving Group help you achieve you’re home ownership goals in 2019.

    Data sources: www.chandlerreports.com | www.realtracs.net | www.freddiemac.com

     

     

     

    Trackback from your site.

    Leave a Reply

    About our blog

    Our agents write often to give you the latest insights on owning a home or property in the local area.