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Kenneth Bargers, REALTOR® | Pilkerton Realtors

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Market Conditions

Understanding the Market | Greater Nashville

Spring Kicked off with Rising Inventory & Home Sale Prices
Greater Nashville REALTORS®; Press Release | April 8, 2019

NASHVILLE, Tenn. (Apr. 8, 2019) – There were 3,237 home closings reported for the month of March, according to figures provided by Greater Nashville REALTORS®. This figure is down 6 percent from the 3,446. 

Data for the first quarter of 2019 showed 8,047 closings, down 2 percent from the 8,210 closings during the first quarter of 2018.

“Inventory and median home sale prices continue to rise across middle Tennessee, said Greater Nashville REALTORS® President Andrew Terrell. “The rising inventory allows homebuyers more options, and the rising home sale prices offer a benefit to sellers as well, thus providing a flourishing and vibrant market as we head into the spring months.”

There were 3,158 sales pending at the end of March, compared to 4,076 pending sales at this time last year. The average number of days on the market for a single-family home was 37 days.

The median price for a residential single-family home was $305,000 and for a condominium, it was $223,000. This compares with last year’s median residential and condominium prices of $297,915 and $218,600 respectively.

Inventory at the end of March was 11,276 up from 8,521 in March 2018.

“April is recognized nationally as Fair Housing Month. Realtors are long-standing proponents of equal opportunity in housing and will continue working to ensure quality housing is available for all,” 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.

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Understanding the Market | National Overview

Listing Prices Hit a New High, and They're Still Heading Up
realtor.com | April 5, 2019

The U.S. median home list price surged in March to $300,000 for the first time ever, according to realtor.com®’s monthly housing trends report. That also marks a price increase of 7 percent year over year.

“The typical U.S. home list price has set a new high right on the cusp of the spring homebuying season, and despite a slowing growth rate, home prices will likely continue to set new records later this year,” says Danielle Hale, realtor.com®’s chief economist. “Heading into spring, U.S. prices are expected to continue to rise and inventory is expected to continue to increase, but at a slower pace than we’ve seen the last few months as fewer sellers want to contend with this year’s more challenging conditions. A buyer’s experience will vary notably depending on the market and price point they’re targeting.”

Homes priced $200,000 or below—often considered “entry-level homes”—are getting harder to find, posting a 9 percent decrease year over year.

The overall uptick in list prices in March is mostly due to the rise in inventory in the high-end market. The inventory of homes priced above $750,000 continues to increase, up 11 percent year over year.

Housing inventories are up this spring, but the rate of growth is slowing. The number of newly listed properties hitting the market fell by 0.4 percent compared to last year, “suggesting that while buyers may have more options to choose from, the share of fresh properties coming up for sale has not increased,” realtor.com® notes in its report.

The housing markets that saw the largest inventory decreases in March were:  St. Louis (down 19 percent); Washington, D.C. (down 14 percent); and Oklahoma City (down 11 percent). On the other hand, the metros seeing some of the biggest upticks in inventories were mostly in pricier, West Coast markets, like San Jose, Calif. (up 114 percent); Seattle (up 77 percent); and San Francisco (up 44 percent).

View the Top 50 Metros in order of Metros Seeing the Largest Gains in Inventory | PDF version

Source: realtor.com® ; REALTOR® Mag News 040519

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