NASHVILLE, Tenn. (Dec. 4, 2014) – There were 2,474 home closings reported for the month of November, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 8.2 percentfrom the 2,287 closings reported for the same period last year.
Year-to-date closings through November are 30,431, a 6.9 percent increase from the 28,476 closings reported through November 2013.
“The increase in November is further proof of the health of the Middle Tennessee housing market,” said GNAR President Hagan Stone. “This is the highest level of closings for the month of November our region has seen since 2006.”
“With more than 2,000 sales pending, the Greater Nashville area is well on its way to exceeding last year’s total closings. These signs are welcome as we begin to look toward 2015.”
A comparison of sales by category for November is:
| November 2013 | November 2014 | |
| CLOSINGS | 2,287 | 2,474 |
| Residential | 1,953 | 2,085 |
| Condominium | 222 | 248 |
| Multi-Family | 28 | 23 |
| Farm/Land/Lots | 84 | 118 |
There were 2,489 sales pending at the end of the month, compared with 2,192 pending sales at this time last year. The average number of days on the market for a single-family home was 67 days.
The median residential price for a single-family home during November was $215,000, and for a condominium, it was $165,256. This compares with last year’s median residential and condominium prices of $195,000 and $150,000, respectively.
Inventory at the end of November was 13,715, compared to 15,262 in November 2013. The current inventory of properties by category, compared to last year, is:
| November 2013 | November 2014 | |
| INVENTORY | 15,262 | 13,715 |
| Residential | 9,369 | 8,694 |
| Condominium | 1,132 | 902 |
| Multi-Family | 189 | 149 |
| Farm/Land/Lots | 4,572 | 3,970 |
“If you are considering putting your home on the market early in the new year, now is the time to begin those preparations,” said Stone. “Set up a meeting with your Realtor now to discuss any changes or updates to be made to your home. It’s possible you might even conquer a few of those during the holiday break. The sooner your market-ready home is available in 2015, the greater your chance for a swift transaction.”
The Greater Nashville Association of REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict code of ethics.
Team Kipp 