Following a record-breaking year, the Greater Nashville, Tenn., housing market continued to increase in January, according to data released by the Greater Nashville Association of Realtors.
For January, there were 1,991 home closings, which is a 14 percent increase from the 1,738 closings reported for January 2003.
“Announcing an increase in home sales for Greater Nashville is a great way to start the year,” said Jay Lowenthal, president of GNAR. “2003 was a record year, and 2004 is starting out strong, as well, even in a season that’s traditionally slower for the real estate market.”
The average number of days on the market for a single-family home was 83 days, compared with 86 days for January 2003.
The median residential price for a single-family home during January was $135,000 and for a condominium it was $117,900. This compares with January 2003’s median residential and condominium prices of $132,000 and $125,750, respectively.
Inventory at the end of January was 14,955, lower than the inventory of 16,277 in January 2003.
“It is natural that inventory is lower at this time of year, but it tends to increase as spring gets closer,” Lowenthal said. “There is still plenty of inventory available to provide meaningful choices for those considering the purchase of a home right now.”
The Greater Nashville Association of Realtors is a professional trade association that serves Nashville-area property owners.
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