There were 3,883 closings reported for the month of August, according to figures provided by Greater Nashville REALTORS®. This represents an increase of 3.8 percent over the 3,741 closings reported for August 2016.
Year-to-date closings total 27,248. That is a 5.2 percent increase compared to the 25,898 closings reported through August 2016.
“2017 has proven to be a remarkable and record-setting year in the real estate industry,” said Greater Nashville REALTORS® President Scott Troxel. “August continued the trend of rising sales, being up three percent over last August. In fact, this is the best month of August we have had in this region in over a decade.
“August was a particularly notable month for condominiums. The condo market experienced its highest median price on record at $207,061. As a whole, the first-time buyer price range, which includes many condominiums, is particularly sparse in terms of inventory, so the rise in median price is understandable. We look expectantly to the building of new units and current owners listing their properties as a way to alleviate some of the strain many first-time buyers are experiencing in the market.”
There were 3,939 properties under contract at the end of the month, compared to the 3,447 properties under contract at this time last year. The average number of days on the market for a single-family home was 25 days.
The median residential price for a single-family home during August was $285,000 and for a condominium, it was $207,061. This compares with last year’s median residential and condominium prices of $253,000 and $189,900, respectively.
Active inventory at the end of August was 9,208, down from 10,270 in 2016.