The First Quarter of 2017 ended with Nashville real estate prices continuing to rise and inventory remaining low.  Nashville Area Real Estate Sales for March 2017 continued to be strong and were up nearly 9% from the same time last year!

Nashville Area Real Estate Sales for March 2017

Monthly Highlights

• 3,420 total closings for March 2017 is an increase of 8.9% from the same time last year (3,141 – March 2016).
• The average days on the market for single family homes in March 2017 was 50 days.
• The median sales price for residential single family homes in March 2017 was $273,500.  The median price for condominiums was $199,900.
• Inventory for the end of March 2017 was at 10,710 residential units.  This is a decrease from the same time last year (11,951 – March 2016).

First Quarter of 2017

• The First Quarter of 2017 had 8,338 closings, representing a 9.7% increase over the same time last year (7,601 – 1Q 2016).
• The First Quarter of 2017 saw closings of 6,765 single family homes, 996 condominiums, 92 multi-family properties, and 485 farms/land/lots.

Personal Thoughts

Spring is when the real estate market begins to wake up from its winter hibernation.  Though it’s true that our market never really went into hibernation, it’s still showing signs of greater activity.  A slight rise in interest rates, as well as dwindling inventory is pushing buyers to act quickly.  This influx in demand isn’t helped by the shortening of the average days on market for a property.  In a market where variables are constantly changing, it’s important to have an expert on your side.

Contact Me Today

For more information on Nashville Area Real Estate Sales for March 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.