Nashville Real Estate Market Report
October 2012 – Nashville Real Estate Sales
Nashville Real Estate continues its upward sales trend for 2012. In October 2012, there were 2,312 properties sold in the Greater Nashville Area. October Sales are up 33.7% from the same period in 2011. For the first ten months of 2012, Nashville is 26% ahead of 2011. Sales have already surpassed 2011’s totals with two months left on the books. Pending Sales have also been trending higher in 2012 which is a good indication for closings for the remainder of 2012. We have 625 more properties pending this month than in October of 2011.
October 2012 – Nashville Real Estate Inventory
Inventory in the Nashville Real Estate Market has been significantly lower all year-long as compared to 2011. The total supply of properties in October 2012 is below 7.5 months inventory. When you only look at single family homes the inventory falls just below 6 months. At this point, I would expect the inventory to fall below 17,000 properties in December. We are at the lowest inventory levels since August of 2006, before the first signs of the financial crisis. Normally, November and December is a slower time of the year. This may be a good time to put your home on the market. There may be fewer buyers, however, end of the year buyers are typically serious about purchasing a home.
October 2012 – Nashville Real Estate Price
The 2012 Nashville Real Estate Monthly Median Price has been above 2011 for most of the year. For October 2012, Nashville is 33% higher than the October 2011. The median price for a residential home was $175,100 for October 2012 versus $157,900 for the same period in 2011. The average Days on Market for a residential home in October 2012 was 83 days. The median price of a condominium in October 2012 was $162,000 versus $139,515 for the same month in 2011.
November through February is typically considered the slow period of real estate sales in Nashville. The best advice for home sellers in November and December: Make sure your home is ready to sell and it is priced properly.
The data was provided by the Greater Nashville Association of Realtors, Middle Tennessee’s largest trade association for Real Estate Professionals.
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