January 2019 Real Estate Update
There were 2,274 home closings reported for the month of January, according to figures provided by Greater Nashville REALTORS(. This figure is down 1 percent from the 2,298 closings reported for the same period last year.
A comparison of sales by category for Jan. is:
| 2018 | 2019 | |
| CLOSINGS | 2,298 | 2,274 |
| Residential | 1,877 | 1,888 |
| Condominium | 251 | 247 |
| Multi-Family | 13 | 18 |
| Farms/Land/Lots | 157 | 121 |
There were 2,853 sales pending at the end of January, compared to 2,951 pending sales at this time last year. The average number of days on the market for a single-family home was 40days.
The median price for a residential single-family home was $293,650, and for a condominium it was $200,100. This compares with last year’s median residential and condominium prices of $281,500 and $210,098 respectively.
Inventory at the end of January was 11,150, up from 8,332 in January 2018.
The current inventory of properties by category, compared to last year, is:
| 2018 | 2019 | |
| INVENTORY | 8,332 | 11,150 |
| Residential | 5,565 | 7,799 |
| Condominium | 549 | 981 |
| Multi-Family | 60 | 118 |
| Farms/Land/Lots | 2,158 | 2,252 |
Source: Greater Nashville Realtors
