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Kenneth Bargers, REALTOR® | Pilkerton Realtors

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Understanding the Market | Greater Nashville

Third Quarter Homes Sales Showed Uprecedented Growth
Greater Nashville REALTORS®; Press Release | October 8, 2019

NASHVILLE, Tenn. (October 8, 2019) – There were 3,704 home closings in the Greater Nashville Region reported for the month of September, according to figures provided by Greater Nashville REALTORS®. This figure represents a 13.7 percent increase compared to the 3,258 closings in September 2018.

Data for the third quarter of 2019 showed 12,030 closings, up nine percent from the 11,031 closings during the same period of 2018.

“Home sales stayed strong through the third quarter across Middle Tennessee,” said Greater Nashville REALTORS® President, Andrew Terrell. “The Greater Nashville area has proven to be very attractive for businesses relocating to the area, thus increasing the population of our region and fueling economic activity.”

There were 3,181 sales pending at the end of September, compared with 2,662 pending sales at this time last year. The average number of days on the market for a single-family home was 32 days.

The median residential price for a single-family home during September was $318,000, and for a condominium, it was $236,000. This compares with last year’s median residential and condominium prices of $290,000 and $218,150, respectively.

Inventory at the end of September was 11,447, a decrease from 12,415 in September 2018.

"As we round out the third quarter, we have seen an over four percent increase in sales year-to-date. The market data for September showed a slight decrease in inventory compared to last year. The influx of sales volume likely caused the dip in inventory. It is critical to know; lower inventory does not mean a lack of inventory. Choosing to use a Realtor to navigate our thriving market will set buyers and sellers up for success on their homebuying and selling journey," added Terrell.

Source:  Greater Nashville REALTORS®, Press Release 100819
#homesales #greaternashville #october2019 #thirdquarter2019 #middletennessee #housingdata

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.

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Understanding the Market | National Overview

Housing Forecast as Bright Spot in Worrisome Economy
Freddie Mac | October 2, 2019

Americans are growing concerned by the growing threats of an economic slowdown, but that doesn’t seem to be affecting housing. Recent housing reports are showing that lower mortgage rates are buoying buyer demand into the fall months.

“Despite fears of an economic slowdown, the housing market continues to be a bright spot in the economy,” says Sam Khater, Freddie Mac’s chief economist. “While mortgage rates have ticked up in recent weeks, they remain lower than they were a year ago, which will help boost sales headed into the fall.”

Freddie’s forecast follows on the heels of several housing reports last week that suggested a solid housing market. Existing homes rose to the highest level in 17 months in August, according to the National Association of REALTORS®’ latest report. More new homes are entering the pipeline as well: Housing starts and building permits surged to a more than 12-year high in August, the U.S. Commerce Department reports. Further, for the second time in three months, new-home sales rose above 700,000 as more home buyers weigh new-home construction. (Read: Home Sales Up for Second Consecutive Month and More New Homes Are Entering the Pipeline )

Freddie Mac economists predict that the 30-year fixed-rate mortgage will remain below 4% for the remainder of this year, which could continue to bode well for the housing market to ease affordability concerns somewhat for potential buyers. With lower mortgage rates, economists are predicting that home prices will also moderate, appreciating at 3.4% in 2019, which is in line with long-term growth.

With rising housing demand and a projected slight uptick in inventory, economists forecast that home sales this year will be slightly higher at 5.98 million in 2019 and next year reach near-2017 levels of 6.03 million.

Much of the high demand in the housing market lately has been coming from young adults. “The millennial cohort has now entered the housing market in force and is already driving major changes in buying and selling patterns,” Frank Martell, president and CEO of CoreLogic, said in a statement about its latest housing index that showed home prices moderating . “Almost half of the millennials over 30 years old have bought a house in the last three years. These folks are increasingly looking to move out of urban centers in favor of the suburbs, which offers more privacy and a greener environment. Perhaps most significantly, almost 80% of all millennials are confident they will become homeowners in the future.”

Source:   Freddie Mac ; REALTOR® Mag News 100219
#housingforecast #october2019 #freddiemac #homebuyers #homesellers #realtormagnews #economy

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