Home prices in the Greater Nashville, Tenn., area jumped by double digits in October from their year-ago level, while sales rose 3.7 percent, according to figures provided by the Greater Nashville Association of Realtors.
The median residential price for a single-family home during October was $169,400, up 13.8 percent from a year ago when the median single-family home price was $148,900. The median price for a condo last month was $139,845, up 16.6 percent from the year-ago price of $119,900.
As for sales, Realtors reported 3,216 home closings last month, up from the 3,101 closings reported for the same month last year.
Year-to-date closings through October are 32,527, a 5.5 percent increase from the 30,822 closings reported through the same period in 2004, which was a record-breaking year.
“Greater Nashville is very fortunate to be able to sustain such a vibrant market for home sales,” said GNAR President Richard Exton. “The consistent good news of companies and families relocating here gives us reason to believe the healthy market will continue. We are enjoying a steady pace that is keeping us on track for 2005 to be another record-breaking year.”
The average number of days on the market for a single-family home in October was 61 days, down from 68 days for October 2004, but up from September’s average of 58 days.
Inventory at the end of October was 14,134, down slightly from 14,167 in October 2004.
“Inventory appears to have stabilized at a level comparable to what it was at this time last year,” said Exton. “And compared to last month, residential and condo inventory has increased. That means the selection available now makes this a great time to be looking for a home.”
The Greater Nashville Association of Realtors is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners.
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