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Kenneth Bargers, REALTOR® | Pilkerton Realtors

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Understanding the Market | Greater Nashville

Back to School with Rising Home Sale Numbers
Greater Nashville REALTORS®; Press Release | August 8, 2019

NASHVILLE, Tenn. (August 7, 2019) – There were 4,189 home closings reported for the month of July according to figures provided by Greater Nashville REALTORS®. This figure is up 9.9 percent from the 3,812 closings reported for the same period last year.

"We are excited to see that home sales continue to increase across the region," said Andrew Terrell, Greater Nashville REALTORS® president. "According to the National Association of Realtors, 65 percent of consumers nationwide say it is an excellent time to buy a home as stated in their HOME Survey Housing Opportunities and Market Experience released in June 2019."

There were 3,483 sales pending at the end of July, compared to 3,347 pending sales at this time last year. The average number of days on the market for a single-family home was 31 days.

The median price for a residential single-family home was $316,000 and for a condominium, it was $227,000. This compares with last year’s median residential and condominium prices of $307,000 and $222,750 respectively.

Inventory at the end of July was 11,550, down from 11,671 in July 2018.

"Sales data for July showed a slight decrease in inventory across the region, but with mortgage rates hitting a three-year low, it comes as no surprise. Homes are selling fast, and the best way to navigate our vibrate local housing market is with a Realtor. More than an app, a Realtor knows the market, knows how to negotiate and adheres to a strict code of ethics, thus ensuring, you the consumer is taken care of," added Terrell.

About Us: Greater Nashville 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.

The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.

INFORMATION RESOURCE In The News Blog Post

INFORMATION RESOURCE In The News Blog Post

INFORMATION RESOURCE In The News Blog Post

INFORMATION RESOURCE In The News Blog Post
Home Sales Reach Record-Breaking High for April

INFORMATION RESOURCE In The News Blog Post

INFORMATIVE RESOURCE In The News Blog Post

INFORMATIVE RESOURCE In The News Blog Post
Understanding the Market | National Overview

NAR: Home Prices Post More Gains in Second Quarter
National Association of REALTORS® | August 7, 2019

Home prices in the second quarter continued to rise in the majority of housing markets across the country. Ninety-one percent of 178 metros tracked saw home price gains in the second quarter, according to the latest report from the National Association of REALTORS®, released Wednesday.

The national median existing single-family home price was $279,600 in the second quarter, up 4.3% from a year ago. Ninety-three of the 178 metros tracked saw price growth of 5% or more. Ten metro areas posted double-digit increases, mostly in more modestly priced markets like Boise City-Nampa, Idaho; Abilene, Texas; Columbia, Mo.; Burlington-South Burlington, Vt.; and Atlantic City-Hammonton, N.J.

Tight inventory conditions, particularly at lower price points, are prompting home prices to accelerate in several markets, notes Lawrence Yun, NAR’s chief economist.

“Housing unaffordability will hinder sales irrespective of the local job market conditions,” Yun says. “This is evident in the very expensive markets as home prices are either topping off or slightly falling.”

In high-priced metro areas where the median home prices were $500,000 and higher, the single-family median prices fell when compared to a year ago, according to NAR. For example, the most costly area, San Jose-Sunnyvale-Santa Clara, Calif., posted a 5.3% drop. San Francisco-Oakland-Hayward, Calif., saw a 1.9% decrease in prices.

5 Priciest Markets in Q2
  1. San Jose-Sunnyvale-Santa Clara, Calif., metro area: $1,330,000
  2. San Francisco-Oakland-Hayward, Calif.: $1,050,000
  3. Anaheim-Santa Ana-Irvine, Calif.: $835,000
  4. Urban Honolulu, Hawaii: $785,500
  5. San Diego-Carlsbad, Calif.: $655,000

5 Lowest Cost Markets in Q2
  1. Decatur, Ill.: $97,500
  2. Youngstown-Warren-Boardman, Ohio: $107,400
  3. Cumberland, Md.: $117,800
  4. Binghamton, N.Y.: $119,300
  5. Elmira, N.Y.: $119,400

Home Sales Should Improve But …

Yun says home sales should be higher, but he is cautioning that greater economic uncertainty could hinder business.

“The exceptionally low mortgage rates will help with housing affordability over the short run,” Yun says. “But if the low interest rates are due to weakening economic confidence, as reflected from a correction in the stock market , then the low rates will not help with job growth and will eventually hinder home buying and home construction.”

Housing affordability is declining, despite recent progress in wages, NAR’s report notes. National family median incomes rose to $78,366 in the second quarter. However, greater home price growth contributed to an overall decrease in affordability compared to the last quarter. For instance, a home buyer making a 5% down payment would need an income of $62,192 to purchase a single-family home at the national median price, while a 10% down payment would require an income of $58,918, and $52,372 would be required for a 20% down payment.

Source:   National Association of REALTORS® ; REALTOR® Mag News 080719