Nashville home sales were up 17.3% this March compared to just one year ago! According to the Greater Nashville Association of Realtors, 1,963 homes were sold in and around the Nashville area this March, up from 1,673 homes last year. Median home prices are also up!
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Nashville-area homes sales increased by 17.3 percent in March compared to one year ago, the Greater Nashville Association of Realtors announced today.
According to GNAR, 1,963 homes were sold in the Nashville area in March, up from 1,673 one year ago.
During the first quarter, 4,855 homes were sold, a 24.2 percent jump from the same period last year.
"The increase in the residential median price is also a welcome sign," said GNAR President Kendra Cooke. "Our expectation is that the positive trends will continue as we move into the spring and summer months. Though there are still significant economic challenges, it is clear that the Greater Nashville and Middle Tennessee real estate market is stabilizing and strengthening."
In March, homes sold for an average of $168,500, up from $165,500 a year ago. Condos sold for an average of $135,000 down from $143,000 a year ago.
There were 2,239 sales pending at the end of the month, up from 1,910 a year ago. Homes sold in March had been on the market for an average of 92 days.
Inventory at the end of March stood at 18,984 homes, lots and condo units, down from 21,647 a year ago.
"Inventory is down from last year, but up slightly from last month," Cooke said. "With the traditional home-buying season underway, it is expected that more homes are becoming available. Right now there is fewer than 10 months of inventory overall. For single-family residential there is fewer than eight months of inventory available. It is good that more people are beginning to consider selling their homes, as the number of buyers is clearly increasing."