Nashville-area home sales increased by 20.8 percent in June compared to one year ago, the Greater Nashville Association of Realtors announced today.
According to GNAR, 2,453 homes were sold in the Nashville area in June, up from 2,031 one year ago.
So far this year, home sales are up 24.5 percent over last year.
“Home sales news in Greater Nashville is strong evidence that ‘all real estate is local,'” said GNAR President Kendra Cooke. “While recent national reports may not have been encouraging, home sales activity here remains very brisk. And, that activity is proving to be sustainable, as the June, second-quarter and year-to-date figures are all up more than 20 percent compared to the same periods last year. With median prices up and more than 2,500 sales pending, it is clear that the market in this region is improving and growing.”
In June, homes sold for an average of $182,000 up from $176,300 a year ago. Condos sold for an average of $160,190 up from $150,000 a year ago.
There were 2,585 sales pending at the end of the month, up from 2,130 a year ago. Homes sold in June had been on the market for an average of 84 days.
Inventory at the end of June stood at 19,136 homes, lots and condo units, down from 22,043 a year ago.
“Inventory is continuing to decrease, which is the case in all categories this month,” said Cooke. “There is now less than an eight-month supply currently available in Greater Nashville and less than a six-month supply for single-family residential. Homes that are truly market-ready are moving well, but buyers are not interested in those properties that have not been properly prepared both inside and outside and priced properly.”
Source: Nashville Business Journal