The middle Tennessee market numbers are in from April, and all signs point to the market staying strong.
The market data is in from April for the Nashville area and the market continues to roar.
In April, we saw 3,325 homes close, which is a 1.3% year over year increase. Year to date, there have been 11,663 homes that closed, good for a 7.1% increase over last year. As you can see, the market keeps moving and more and more people are moving to middle Tennessee looking for homes.
Pending sales were at 3,540 by the end of the month, which is a 10.7% increase over last year. Interest rates are still very low and many people are out looking for homes despite the low inventory. Low supply and high demand are driving prices up.
We saw a slowdown in sales from March to April this year. Nationally speaking, it was the first time we’ve seen a year over year dip in listings hitting the market in nearly five years. This all seems to indicate that high demand and low inventory is starting to level out the market. However, buyer demand is so high here in middle Tennessee that we don’t expect any dramatic changes in the immediate future.
In fact, the National Association of Realtors predicted that in 2018 and 2019, the market will be even stronger than it is right now.
Year over year average price for a single-family home in the middle Tennessee area was at $275,000, a significant increase from when I bought my first home for $120,000 a long time ago. That average is up $25,000 year over year, or 10%. Condo values, on the other hand, are only up about $1,782 for an average price of $195,255. That’s just about a 1% year over year gain. That likely indicates that prices for condos are leveling off somewhat.
It continues to be a phenomenal market for buyer, sellers, and real estate investors. If you have any questions about the market or you’re thinking of buying or selling a home, give me a call or send me an email. I’m always happy to help.