The Greater Nashville area continues to see signs of a healthy real estate market. July and year-to-date figures are all up more than three percent compared to the same periods last year and pending sales remain strong.

Nashville Home Sales By the Numbers: July 2014

There were 3,258 home sales reported for the month of July, according to figures provided by the Greater Nashville Association of REALTORS®.This represents a 3.4 percent increase from the 3,151 closings reported for the same period last year.

Year-to-date closings for the Greater Nashville area are 18,594. That is an increase of 3.2 percent from the 18,010 closings reported through July 2013.

There were 3,201 sales pending at the end of July, compared with 3,083 pending sales at this time last year. The average number of days on the market for a single-family home was 64 days.

Nashville Home Sales By the Numbers: July 2014

The median residential price for a single-family home during July was $221,000 and for a condominium it was $170,000. This compares with last year’s median residential and condominium prices of $204,000 and $154,500, respectively.

Nashville Home Sales By the Numbers: July 2014

The current inventory of properties by category, compared to last year, is:

July 2013 July 2014
INVENTORY 16,651 15,919
 Residential 10,434 10,407
 Condominium 1,286 1,141
 Multi-Family 173 156
 Farms/Land/Lots 4,758 4,215

Like the rest of the country, Nashville continues to struggle with inventory, affecting both buyers and sellers. Buyers need to be fully prepared and have an expert realtor on their side. It is an excellent time to be a seller if your current home is well maintained. Coming up on the blog, we will have advice for sellers from our expert agents. Don’t miss it!