Nashville home prices flirt with new milestone

Nashville-area homes sales were essentially flat in June, according to new data from the Greater Nashville Realtors. Prices, however, are close to reaching a new milestone.

There were 3,887 homes sold last month, up 0.4 percent from June 2016.

In a news release, Greater Nashville Realtors President Scott Troxel called the flat sales “no surprise given the current disparity between supply and demand in the market.”

Single-family homes sold in June for a median price of $293,753, up from $260,148 a year ago. Condo units sold for a median price of $199,350, up from $186,495.

The median single-family sales price in Nashville in May of this year was $279,142. If the median sales price goes up by a similar amount during July, that would push it beyond the $300,000 mark. For comparison, Nashville’s median sales price hit $200,000 for the first time in June of 2013.

There were 3,914 properties under contract at the end of June, compared with 3,863 pending sales a year ago. The total inventory of available homes, condos and lots at the end of June stood at 8,842, compared to 9,865 a year ago.

The Nashville-area ended the second quarter with 11,155 closings, up 2.8 percent from a year ago, making it the strongest second-quarter on record for the market.

“The last time our market performed this well in the second quarter was 2006, with 11,046 closings,” Troxel said. “We’re a few units short of being ahead of midyear 2006, but with half a year left for sales, I suspect we’ll come close to the 2006 record of more than 40,000 annual closings.”

https://www.bizjournals.com/nashville/news/2017/07/07/nashville-home-prices-flirt-with-new-milestone.html