NASHVILLE, Tenn. (July 9, 2018) – There were 4,036 home closings reported for the month of June, according to figures provided by Greater Nashville REALTORS®. This figure represents a 3.8 percent increase compared to the 3,887 closings in June 2017.

“The market is heating up. With the rising temperatures, we are seeing homes sell in an average of 26 days and for a slightly higher selling price than in previous months,” said Greater Nashville REALTORS® President Sher Powers. “We continue to see inventory increase, which is very exciting for buyers in the months ahead.”

Data for the second quarter of 2018 showed 11,222 closings, up .6 percent from the 11,155 closings during the second quarter of 2017.

A comparison of sales by category for June is:

	2017	2018
CLOSINGS	3,887	4,036
Residential	3,263	3,385
Condominium	418	446
Multi-Family	18	27
Farms/Land/Lots	188	178

A comparison of sales by category for the Second Quarter:

	2017	2018
CLOSINGS	11,155	11,222
Residential	9,219	9,305
Condominium	1,234	1,270
Multi-Family	85	85
Farms/Land/Lots	626	562

A report for midyear is:

	YTD 2017	YTD 2018
CLOSINGS	19,493	19,432
Residential	15,975	16,009
Condominium	2,230	2,167
Multi-Family	177	150
Farms/Land/Lots	1,111	1,106

 

There were 3,379 sales pending at the end of June, compared with 3,914 pending sales at this time last year. The average number of days on the market for a single-family home was 26days.

The median residential price for a single-family home during June was $314,900 and for a condominium it was $221,850. This compares with last year’s median residential and condominium prices of $293,753 and $199,350 respectively.

Inventory at the end of June was 11,087, a more than 25 percent increase from 8,842 in June 2017.

The current inventory of properties by category, compared to last year, is:

	2017	2018
INVENTORY	8,842	11,087
Residential	5,842	7,820
Condominium	507	896
Multi-Family	62	124
Farms/Land/Lots	2,414	2,247

“Currently REALTORS® across the country are focused on the renewal of the National Flood Insurance Program (NFIP),” stated Powers. “If Congress doesn’t reauthorize the program, it will expire on July 31 denying necessary insurance coverage to homeowners and buyers in more than 20,000 communities nationwide. Middle Tennessee is all too familiar with what flooding can do to an area, and more flooding disasters without insurance will be another blow to a national market already struggling to provide housing for all those who want it.

We urge Congress to extend the NFIP and pass meaningful reforms to ensure the long-term viability of the program.”