The Nashville-area housing market has already surpassed the total number of home sales in all of last year. Realtors say closings improved by more than a third in October compared to 2011.
Closings have maintained a steady climb all year, but home prices have lagged.
This month, the median price for a single-family home was up $13,000 over October of last year and condo prices spiked $18,000. While the Greater Nashville Association of Realtors calls the improvement “welcome news,” there’s been no sustained upward trend in prices. And looking to last year, some months saw higher prices than anytime this year.
Still, GNAR calls the monthly report “especially encouraging,” and it appears the pace of transactions will continue given large numbers of pending sales.