Nashville Real Estate Moves With Local Job Market

The Greater Nashville Association of Realtors is reporting a 13.3% decrease in sales volume in February when compared to February 2010, and sales were flat as compared to January 2011.  Inventory increased 3.2% over the previous month, and we have 18.5 months of  inventory at the current sales rate.  Prices are up slightly after a steady decline since May 2010.    Sales of single family homes are averaging 103 days on market.

The President of GNAR,  Alice Walker, said. “with pending sales up from last month and the anticipation of warmer weather so people are more likely to get out and look at new homes, the overall outlook for the real estate market is beginning to improve."  Any significant improvement in the Nashville Real Estate market is going to coincide with an improvement in jobs.  The unemployment rate in Davidson County is 8.1% and the Nashville Metro Statistical Area is 9%.  The Nashville MSA includes 13 counties in Northern Middle Tennessee with an estimated population of 1.58 million people.

Williamson County Realtors are reporting some positive results for last month with sales volume flat over February 2010. Inventory decreased 8.6% over the previous year, and we have 11.9 months of  inventory at the current sales rate..  The median price is down 2.9% over last year.  Sales of single family homes are averaging 107 days on market.

2010 WCAR President, Danny Anderson said, “While we are seeing the number of home sales remain steady, the inventory levels continue to drop. This is a positive move in the right direction towards consumer confidence. We are seeing a slight increase in the number of days a home may stay on the market, but there are less homes in competition with each other which is good for sellers."  The unemployment is currently 6.5 % in Williamson County and is a huge improvement over last year at 10.3%.

Discussion

#1 By Eve at 7/17/2017 6:30 AM

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