The Nashville Area* real estate market remains hot!! Nashville Area Real Estate Sales for February 2017 continue on the upward trend and showing no signs of slowing down!

Nashville Area Real Estate Sales for February 2017

Monthly Highlights

• February 2017 marked the best February for home sales since the 2007 recession.
• The median price for residential single-family homes for February 2017 was $258,950 while condos had a median price of $192,400.
• Median prices for single-family homes rose 10.2% from $235,000 in February 2016 while condos rose 10.3% from $174,380 in February 2016.
• There were 2,507 total closings (including 39 multi-family sales) in February 2017 which is a 9.3% increase versus the 2,293 closings in February 2016.
• There have been 4,918 year to date closings for the Nashville Area, which represents a 10.3% increase versus this same time last year.

Low Inventory

• February 2017 ended with an inventory of 10,372 listings.  That is down 11.2% from the same time last year when there were 11,677 available listings.
• February 2017 ended with 6,910 residential single-family homes, 654 condos, 76 multi-family homes, and 2,732 land listings in inventory.

Personal Thoughts

Low inventory continues to drive prices up as the demand to live in the Nashville Area continues to grow.  Buyers have less to choose from and little to no power in the negotiation process.  Sellers continue to have the upper hand while choosing through stacks of first day, over list price, cash offers with no contingencies.  It’s tough out there for the normal family just looking to upgrade, or a first time buyer trying realize that dream of home ownership.  A good real estate agent is the key to buyers and sellers navigating a hot and sometimes unpredictable market.

Contact Me Today

For more information on Nashville Area Real Estate Sales for February 2017, contact Jim Eaton at Blueprint Realty, Inc.

-Stats provided by Greater Nashville REALTORS®

*Nashville Area is defined as the combined counties of Davidson, Cheatham, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.