Nashville Real Estate Sales Increase 38 Percent in November 2012

Nashville Real Estate Sales Increase 38 Percent in November 2012 – There were 2,198 home closings reported for the month of November, an increase of 38 percentfrom the 1,592 closings reported for the same period last year. Sales of single family homes were up 37 percent with 1815 closings compared to 1320 last year, and Nashville condo sales were up 30 percent with 238 closings compared to 182 last year. Sales of farms and land were up 61% with 121 closings.

The median residential price for a single-family home during November was $179,900, compared to $167,500 last November, an increase of 7%, and for a condominium it was $152,000, compared to $158,690, a decrease of 4%.

Inventory levels of Nashville homes declined 18% and Nashville condo inventory is down 34%, indicating that prices should continue to increase.

the median sales price for Nashville homes increase 7% in November to $179,900
the median price of Nashville condos declined 4% to $152,000
the inventory levels of Nashville homes declined 18% to 10,035 active listings
the inventory levels of Nashville condos declined 34% to 1240
the number of closings for Nashville homes increase 37% compared to November 2011 with 1815 closings compared to 1320 last year
the absorption rate for Nashville homes based on November sales and current listing is down to 5.5 months

The market for Nashville real estate continues to improve, and the inventory continues to decline, the prices are sure to increase.

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information on this page is based on information on single family homes for sale in Nashville per the Nashville Multiple Listing Services, Inc. and is deemed reliable but, not guaranteed.