Nashville Real Estate Market Report – March 2015

STRONG FIRST QUARTER HOME SALES SET FOUNDATON FOR BUSY SALES SEASON

NASHVILLE, Tenn. (April 8, 2015) – There were 2,837 home closings reported for the month of March 2015, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 12 percent increase compared with 2,530 closings in March of 2014.
Numbers for the first quarter of 2015 were 6,904 closings, up 12 percent from the 6,166 closings during the first quarter of 2014.
“First quarter homes sales and the month of March are up double digits, despite a couple of rounds of harsh winter weather,” said GNAR President Cindy Stanton. “This is indicative of a market that is both vibrant and resilient.
“It is encouraging to see pending sales up over 3,000 units again, especially this early in the year. Our region hasn’t seen this for the month of March since 2007. Last year we didn’t reach 3,000 units pending until May. With those many units pending now, it is safe to say our area is primed for an active and prosperous spring and summer.”
A comparison of sales by category for March is:

MARCH 2014 MARCH 2015
CLOSINGS 2,530 2,837
 Residential 2,036 2,313
 Condominium 295 334
 Multi-Family 28 27
 Farm/Land/Lots 171 163

 

 

 

 

 

 

A comparison of sales by category for the first quarter/year-to-date is:

1st QTR/YTD 2014 1ST QTR/YTD 2015
CLOSINGS 6,166 6,904
 Residential 4,992 5,599
 Condominium 710 799
 Multi-Family 65 58
 Farm/Land/Lots 399 448

 

 

 

 

 

 

 

There were 3,083 sales pending at the end of March, compared with 2,720 pending sales at this time last year. The average number of days on the market for a single-family home was 69 days.

The median residential price for a single-family home during March was $222,400 and for a condominium it was $171,831. This compares with last year’s median residential and condominium prices of $195,000 and $169,900, respectively.
Inventory at the end of March was 12,775, down from 14,894 in March 2014. The current inventory of properties by category, compared to last year, is:

MARCH 2014 MARCH 2015
INVENTORY 14,894 12,775
 Residential 9,439 8,235
 Condominium 1,046 867
 Multi-Family 151 116
 Farm/Land/Lots 4,258 3,557

 

 

 

 

 

 

“We have officially entered the spring buying and selling season, as evidenced by the uptick in pendings and median sales prices,” added Stanton. “The current median price is near the prices we saw last summer. This early onset of that rise indicates higher market activity and serious consumers looking to buy now. Lower inventory, particularly in and around the first-time buyer market, is allowing owners of well-maintained and properly marketed homes the ability to sell for close to, if not at, list price.”

The Greater Nashville Association of REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners.  REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict code of ethics.

Nashville Real Estate Market Report – Feb 2015

HOME SALES CONTINUE UPWARD TREND IN FEBRUARY

NASHVILLE, Tenn. (March 9, 2015) – There were 2,091 home closings reported for the month of February, according to figures provided by the Greater Nashville Association of REALTORS®.
This represents an increase of 12.6 percent from the 1,857 closings reported in February 2014. Year-to-date closings through February 2015 are 4,067, a12.7 percent increase from the 3,636 closings reported through February 2014.
“The home sales data for February shows just how strong the Middle Tennessee market has become,” said GNAR President Cindy Stanton. “While we have seen many months of positive increases, with the extreme winter weather our area faced last month, we were uncertain of the effect it might have on property sales.
“Remarkably, the market was essentially not phased. As January did before it, this February saw its best monthly sales numbers since 2007.”
Comparison of sales by category is:

February 2014 February 2015
CLOSINGS 1,857 2,091
 Residential 1,509 1,697
 Condominium 216 229
Multi-Family 15 13
Farm/Land/Lots 117 152

There were 2,458 sales pending at the end of the month, compared with 2,221 pending sales at this time last year. The average number of days on the market for a single-family home was 76 days.
The median residential price for a single-family home during February was $206,000, and for a condominium it was $163,125. This compares with median residential and condominium prices of $189,000 and $165,000, respectively, at this time last year.
Inventory at the end of February was 12,445, down from 14,129 in February 2014. The current inventory of properties by category, compared to last year, is:

February 2014 February 2015
INVENTORY 14,129 12,445
 Residential 8,717 7,912
 Condominium 1,054 814
 Multi-Family 149 110
Farm/Land/Lots 4,209 3,609

“Inventory remains the main challenge in the market, though we will see it uptick as spring nears. The hardest hit market, in regard to inventory, is the first-time buyer range. The inventory supply there is very low. For example, the absorption rate for single-family homes below the January median price of $215,000 just in Davidson County is 2.2 months. Using the same criteria, the absorption rate above the median was 4.8 months. By the time you get to the $600,000 and above range, inventory is plenty at an 8.9 month supply.”
The Greater Nashville Association of REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners.  REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict code of ethics.

Nashville Real Estate Market Report – Jan 2015

January Home Sales Best in Eight Years

NASHVILLE, Tenn. (Feb. 9, 2015) – There were 1,976 home closings reported for the month of January, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 11.1 percent from the 1,779 closings reported for the same period last year.
“This was the strongest January our market has experienced since 2007,” said GNAR President Cindy Stanton. “While our market began making positive strides in 2013, last year was monumental in establishing a stronger foundation for our market.
“While we are certainly moving in the right direction, challenges still remain. The biggest being the low level of inventory. This is particularly true of the first-time buyer and affordable markets. However, moving into the spring selling season we expect to see more available properties appearing on the market.”
A comparison of sales by category for January is:

January 2014 January 2015
CLOSINGS 1,779 1,976
 Residential 1,447 1,589
 Condominium 199 236
 Multi-Family 22 18
 Farm/Land/Lots 111 133

There were 2,204 sales pending at the end of the month, compared with 1,979 pending sales at this time last year. The average number of days on the market for a single-family home was 76 days.
“The median residential price for a single-family home during January was $215,000 and for a condominium it was $172,250. This compares with last year’s median residential and condominium prices of $195,000 and $165,000, respectively.
Inventory at the end of January was 12,663, compared with 13,962 in January 2014. The current inventory of properties by category, compared to last year, is:

January 2014 January 2015
INVENTORY 13,962 12,663
 Residential 8,534 8,036
 Condominium 1,050 795
 Multi-Family 168 109
 Farm/Land/Lots 4,210 3,723

“It is not too soon to begin the process of readying and placing your home on the market,” added Stanton. “Despite the mix of wintry weather, our area is seeing terrific activity. Getting a jump-start on the spring selling season is a definite bonus for any property owner who has made the decision to sell. Your Realtor will be able to quickly assess the best opportunity for your property.”

The Greater Nashville Association of REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors® and subscribe to its strict code of ethics.

Nashville Real Estate Market Report – Nov 2014

GREATER NASHVILLE HOME SALES CONTINUE TO INCREASE

NASHVILLE, Tenn. (Dec. 4, 2014) – There were 2,474 home closings reported for the month of November, according to figures provided by the Greater Nashville Association of REALTORSÒ.  This figure is up 8.2 percent from the 2,287 closings reported for the same period last year.

Year-to-date closings through November are 30,431, a 6.9 percent increase from the 28,476 closings reported through November 2013.

“The increase in November is further proof of the health of the Middle Tennessee housing market,” said GNAR President Hagan Stone. “This is the highest level of closings for the month of November our region has seen since 2006.”

“With more than 2,000 sales pending, the Greater Nashville area is well on its way to exceeding last year’s total closings. These signs are welcome as we begin to look toward 2015.”

A comparison of sales by category for November is:

November 2013 November 2014
CLOSINGS 2,287 2,474
 Residential 1,953 2,085
 Condominium 222 248
 Multi-Family 28 23
 Farms/Land/Lots 84 118

There were 2,489 sales pending at the end of the month, compared with 2,192 pending sales at this time last year. The average number of days on the market for a single-family home was 67 days.

The median residential price for a single-family home during November was $215,000, and for a condominium, it was $165,256.  This compares with last year’s median residential and condominium prices of $195,000 and $150,000, respectively.

Inventory at the end of November was 13,715, compared to 15,262 in November 2013. The current inventory of properties by category, compared to last year, is:

November 2013 November 2014
INVENTORY 15,262 13,715
 Residential 9,369 8,694
 Condominium 1,132 902
 Multi-Family 189 149
 Farm/Land/Lots 4,572 3,970

 

 

 

 

“If you are considering putting your home on the market early in the new year, now is the time to begin those preparations,” said Stone. “Set up a meeting with your Realtor now to discuss any changes or updates to be made to your home. It’s possible you might even conquer a few of those during the holiday break. The sooner your market-ready home is available in 2015, the greater your chance for a swift transaction.”

 

The Greater Nashville Association of REALTORS is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners.  REALTOR is a registered trademark that may be used only by real estate professionals who are members of the National Association of REALTORS and subscribe to its strict code of ethics.

Nashville Real Estate Market Report – Sept 2014

GREATER NASHVILLE HOME SALES INCREASE 19% IN SEPTEMBER

NASHVILLE, Tenn. (Oct. 8, 2014) – There were 3,122 home closings reported for the month of September, according to figures provided by the Greater Nashville Association of REALTORSÒ. That number is up 19 percent from the 2,626 closings reported for the same period last year.

Third quarter numbers have increased from 2013 with 9,606 closings reported, which is 8.4 percent higher than last year’s third quarter closings of 8,861.

Year-to-date closings for the Greater Nashville area are 24,942. That total is up 5.2 percent from the 23,720 closings reported through the third quarter of 2013.

“Seeing an increase in home sales in September, third-quarter and year-to-date says a lot about the market in our region,” said GNAR President Hagan Stone. “Between July and September, nearly every county in our area saw increases in residential sales, condominium sales or both. These numbers are strong indicators that Middle Tennessee remains healthy and vibrant as we move into the fourth quarter.

 

“In addition, we are confident that good economic and job growth news like Under Armour’s distribution center in Mt. Juliet, the opening of the Mars Petcare Global Innovation Center in Thompson’s Station and the groundbreaking on HCA’s Capitol View development will have a positive impact on area home sales in the coming year.”

A comparison of sales by category for September:

September 2013 September 2014
CLOSINGS 2,626 3,122
 Residential 2,152 2,541
 Condominium 310 384
 Multi-Family 24 28
 Farms/Land/Lots 140 169

 

A comparison of sales by category for the third quarter:

3rd Quarter 2013 3rd Quarter 2014
CLOSINGS 8,861 9,606
 Residential 7,331 7,945
 Condominium 1,018 1,099
 Multi-Family 76 99
 Farms/Land/Lots 436 463

 

A comparison of sales by category year-to-date:

 

YTD 2013 YTD 2014
CLOSINGS 23,720 24,942
 Residential 19,647 20,478
 Condominium 2,610 2,820
 Multi-Family 234 234
 Farms/Land/Lots 1,229 1,410

 

There were 3,049 sales pending at the end of September, compared with 2,487 pending sales at this time last year. The average number of days on the market for a single-family home was 68 days, compared with 70 days for September 2013.

The median residential price for a single-family home during September was $211,400, and for a condominium, it was $162,000. This compares with last year’s median residential and condominium prices of $195,660 and $159,092, respectively.

 

Inventory at the end of September was 15,182, down from 16,263 in September 2013. The current inventory of properties by category, compared to last year, is:

September 2013 August 2014
INVENTORY 16,263 15,182
 Residential 10,183 9,924
 Condominium 1,214 988
 Multi-Family 185 154
 Farms/Land/Lots 4,681 4,116

 

“Inventory remains at a lower level than we would prefer. As we enter the cooler months and holiday season, fewer sellers will enter the market,” added Stone. “For those considering selling your home, be sure the property is prepared, properly priced and presentable. With one of the strongest markets in the country, now is definitely the time to make the move.”

The Greater Nashville Association of REALTORS(R) is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR(R) is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors(R) and subscribe to its strict code of ethics.

Originally posted on GNAR.org

Nashville’s Most Expensive Homes for Sale!

Nashville area homes on the market for over $10,000,000!

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1608 Chickering Road Nashville, TN 37215

Price $10,900,000
Beds 7
Baths 9 full, 1 half
Living Area SqFt 20,156
Status Active
MLS # 1462957
Property Type Residential

530 Jackson Blvd Nashville, TN 37205

Price $16,300,000
Beds 6
Baths 8 full, 5 half
Living Area SqFt 22,004
Status Active
MLS # 1539749
Property Type Residential

5353 Hillsboro Pike Nashville, TN 37215

Price $12,900,000
Beds 8
Baths 6 full, 3 half
Living Area SqFt 18,076
Status Active
MLS # 1580179
Property Type Residential

5205 Still House Hollow Rd Franklin, TN 37064

Price $19,900,000
Beds 6
Baths 6 full, 8 half
Living Area SqFt 15,370
Status Active
MLS # 1587519
Property Type Residential

4009 Carters Creek Park Franklin, TN 37067

Price $10,000,000
Beds 3
Baths 4
Living Area SqFt 3,152
Status Active
MLS # 1596986
Property Type Residential

4009 Carters Creek Franklin, TN 37067

Price $18,500,000
Beds 3
Baths 4
Living Area SqFt 3,152
Status Active
MLS # 1597021
Property Type Residential

1358 Page Rd Nashville, TN 37205

Price $17,999,999
Beds 6
Baths 8 full, 3 half
Living Area SqFt 20,533
Status Active
MLS # 1622600
Property Type Residential

1350 King Ln Franklin, TN 37064

Price $14,500,000
Beds 5
Baths 7 full, 4 half
Living Area SqFt 20,430
Status Active
MLS # 1626501
Property Type Residential

3304 Streamridge Ct W Antioch, TN 37013

Price $10,000,000
Beds 3
Baths 2 full, 1 half
Living Area SqFt 3,613
Status Active
MLS # 1655867
Property Type Residential

625 Westview Ave Nashville, TN 37205

Price $10,250,000
Beds 8
Baths 9 full, 3 half
Living Area SqFt 16,050
Status Active
MLS # 1657033
Property Type Residential