Here's Why June was Off the Charts in Nashville
I was simply blown away by the market statistics for June 2018, especially coming off a slower than normal May.
This is the greatest month in the history of Nashville Real Estate. At least by my standards.
Here’s Why June was so amazing
First, we set an all-time record for the median sales price at $314,900. Which was 7.2% higher than June 2017, and 5% higher than the previous month. That’s $15,000 in 30 days time.
Second, we set a record for total sales of 4,036 that has held steady for 12 years. And it’s only the second time in history that we’ve sold more than 4,000 properties in any month. The previous high was 4,060 and set in June 2016.
Last, we set a high inventory number at 11,087 properties available for sale at the end of June 2018. It has been since November of 2015 that we had more homes for sale at one time.
All this news is great for the Nashville Real Estate market, even the rising inventory. It’s a sign of a healthy market and that builders are helping to close the gap between supply and demand.
I expect the recent jump in inventory is due to new construction. I haven’t had a chance to dive deep into those numbers. If I find anything interesting, then I’ll be sure to update you.
Greater Nashville REALTORS® President Sher Powers said, “The market is heating up. With the rising temperatures, we are seeing homes sell in an average of 26 days and for a slightly higher selling price than in previous months. We continue to see inventory increase, which is very exciting for buyers in the months ahead.”
June an July are typically the peak months of the year for real estate sales. So I expect July to be very similar to June’s numbers.
If you’ve been sitting on the sideline waiting for the right time to buy, then hit reply because this is a great opportunity. And it may not last long.
You can get the full stats here:
Nashville Real Estate Market - June 2018
The Daily Deal in Nashville is this gorgeous, historic craftsman in East Nashville that is listed for less than $490,000.