April was a good month for real estate here in Middle Tennessee. According to the Greater Nashville Realtors, there were 3,419 home closings for April alone. That's a 2.8% increase from the 3,325 closings for April of last year!
“Home sales for the second quarter started with the types of positive gains expected for this time of the year," Sher Powers, Greater Nashville Realtors President, says. "The most encouraging gain is in inventory, particularly in the residential and condominium classes."
“While demand has remained high, the supply struggle has had a mild impact on our market. The addition of inventory from new home construction and current homeowners placing their homes on the market is welcomed by potential buyers and will provide a modicum of relief to the supply — demand tension.”
In 2017, 2,726 residential homes closed and 355 condominiums closed. In 2018 though, 2,785 residences closed and 421 condominiums closed. At the end of April, there were 3,430 sales pending compared to 3,540 pending sales at this time last year. This year, the average residential price for a single-family home in April was $295,000 and $222,750 for a condominium. Last year’s average residential and condominium prices were $275,000 and $195,255.
These are big changes for the real estate market this year and it means this is a great time to sell your house and find your dream home. Call or email me today and let's begin your search.
View the complete Piktochart for April 2018 home sales here.