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The Nashville metro market is experiencing vibrant sales activity, with solid year-over-year spikes in home closings and prices, according to new data from the Greater Nashville Association of Realtors (GNAR).
Last month, the Nashville metro area reported 3,284 home closings, up 11.7 percent from the 2,940 closings reported for April 2015. Year-to-date closings in this market total 10,885, a 10.6 percent increase compared to the 9,844 closings reported through April 2015.
Also on the rise are property prices. The median residential price in April for a single-family home was $250,000, while the median price on a condominium was $193,473. In April 2015, median residential and condominium prices were $224,975 and $169,640, respectively.
But one significant aspect of the market was not on the rise: inventory at the end of April was 12,244, down from 13,521 one year earlier.
“Inventory is the biggest challenge to our market. Low inventory contributes to the fast clip of homes entering and leaving the market, as well as housing affordability” said Denise Creswell, GNAR president. “Decreased inventory levels combined with high buyer demand equals a seller's market. Until there are more available properties on the market, median prices will continue to rise.”