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February 2019
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Understanding the Market | Greater Nashville

January Home Sales Lay Strong Foundation
Greater Nashville REALTORS®; Press Release | February 7, 2019

NASHVILLE, Tenn. (Feb. 7, 2019) – 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.  

“January home sales were down slightly from this time last year,” said Greater Nashville REALTORS® President Andrew Terrell. “The government shutdown impacted closings in January to some degree, but overall, 2019 is off to a great start.

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 40 days.

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.

“Housing Inventory continues to show a steady and consistent gain which is critical to  a strong and healthy market. Median home prices show a fairly consistent gain for residential single-family homes. The average home spent a little extra time on the market in January. Overall this past month’s home sales and our strong local economy build the foundation for a great year,” 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.



INFORMATIVE RESOURCE In The News Blog Post

INFORMATIVE RESOURCE In The News Blog Post

Understanding the Market | National Overview

Existing-Home Sales Roll Back to 2015 Levels
realtor.com | REALTOR® Mag News | February 21, 2019

The winter months have proven to be a sluggish time for home sales. January was the third consecutive month in which existing-home sales posted a drop, the National Association of REALTORS® reported Thursday. All regions of the U.S. saw a drop in sales except for the Northeast.

Total existing-home sales, which are completed transactions on single-family homes, townhomes, condos, and co-ops, dropped 1.2 percent in January compared to December. Sales are down 8.5 percent from a year ago, and now are at the lowest level since November 2015.

However, NAR Chief Economist Lawrence Yun expects a reversal in home sales soon. “Existing-home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low,” Yun says. “Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.”

Here’s an overview of NAR’s latest housing report, based on January sales:

Home prices: The median existing-home price for all housing types in January was $247,500, up 2.8 percent from a year ago. The median home price growth is at the slowest pace since February 2012, Yun says. “Lower mortgage rates from December 2018 had little impact on January sales; however, the lower rates will inevitably lead to more home sales,” he notes.

Days on the market: Thirty-eight percent of homes sold in January were on the market for less than a month. On average, properties remained on the market for 49 days in January, up from 42 days a year ago.

Housing inventories: At the end of January, the total housing inventory rose to 1.59 million, up from 1.52 million a year ago. Unsold inventory is at a 3.9-month supply at the current sales pace.

While the uptick in the inventory is a welcome sign, Yun says the market continues to suffer from an inventory shortage. “In particular, the lower end of the market is experiencing a greater shortage, and more home construction is needed,” Yun says. “Taking steps to lower construction costs would be a tremendous help. Local zoning ordinances should also be reformed, while the housing permitting process must be expedited; these simple acts would immediately increase homeownership opportunities and boost local economies.” It’s a sentiment that has been shared by economists and leaders at the 2019 International Builder Show in Las Vegas this week.

Overall, “decelerated sales and the increases in inventory will work in favor of potential home buyers, putting them in a better negotiating position heading into the spring months,” says NAR President John Smaby. “On top of that, low interest rates will bring an additional $80 per month savings compared to the rates of just a few months ago.”

The average 30-year fixed-rate mortgage fell to 4.46 percent in January, down from 4.64 percent in December, Freddie Mac reports. The average commitment rate for all of 2018 was 4.54 percent.

Source: National Association of REALTORS® ; REALTOR® Mag News 022119