Nashville real estate sales break record

Friday, July 09, 2004

Inman News

Home sales in the Greater Nashville, Tenn., housing market grew 23 percent in June from the same month a year ago, according to data released by the Greater Nashville Association of Realtors.

There were 3,625 home closings reported for June, compared to 2,933 closings reported for June 2003.

In addition, second-quarter numbers are up, with 10,078 closings reported, a 20 percent increase from the 8,397 closings reported through the second quarter of 2003. And year-to-date closings for the Greater Nashville area are up 20 percent, as well. Mid-year closings are at 17,419 compared to the 14,518 closings reported through mid-year 2003, which turned out to be the best year ever for regional home sales.

“The first half of 2004 is in the books as the strongest real estate market Greater Nashville has ever experienced,” said Jay Lowenthal, GNAR president. “We’ve also hit a milestone with homes sales for the month of June. The figure marks the largest number of home sales in a one-month period, and the first time we’ve surpassed 3,500.”

The median residential price for a single-family home during June was $152,802, and for a condominium it was $130,000. These numbers are up considerably compared to last year’s median residential and condominium prices for June of $144,100 and $116,800, respectively.

The average number of days on the market for a single-family home was 69 days, compared with 75 days for June 2003.

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.