Do you have a home in Nashville that you're pondering putting on the market? You probably won't have a hard time doing it if you put a for sale sign in your yard now.
The Greater Nashville Association of Realtors reports that 1,784 homes closed in February, representing an increase of 18 percent from this time last year. Since the beginning of the year, a total of 3,418 Nashville homes have sold; this figure is also up 18 percent from 2012. There were also 2,269 sales pending at the end of February.
“This month ... marks the highest amount of closings in February since 2008," said GNAR President Price Lechleiter. "This is the eighteenth consecutive month of increased year-over-year closings."
“The housing market recovery in this region is proving to be sustainable, particularly in light of the seasonal increases in home sales activity anticipated in the coming months. The current trends are certainly positive, but long-term planning is needed to keep our city and region vibrant and attractive in the future."
The average single-family home in Nashville is on the market for 84 days and sells for $175,000; the average condo sells for $138,473. Guess what? Home values are up, too. In 2012, the average residential home in Music City was going for $159,000.
The home sales that Nashvillians are enjoying reflects a national trend.
“Pending home sales were up over last year in every region of the country, including the South," said Lechleiter. "In the Greater Nashville area ... inventory is consistently lower than what it was in recent years. With positive sales trends and low inventory, it is likely that more people will consider putting their homes on the market soon. It is important for sellers to understand that buyers are expecting homes to be market ready and priced correctly in order to seriously consider a purchase.”