Industry News

Nashville real estate prices bloom

Realtors expect 2005 to top record books

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Home prices in the Greater Nashville, Tenn., area jumped by double digits in October from their year-ago level, while sales rose 3.7 percent, according to figures provided by the Greater Nashville Association of Realtors. The median residential price for a single-family home during October was $169,400, up 13.8 percent from a year ago when the median single-family home price was $148,900. The median price for a condo last month was $139,845, up 16.6 percent from the year-ago price of $119,900. As for sales, Realtors reported 3,216 home closings last month, up from the 3,101 closings reported for the same month last year. Year-to-date closings through October are 32,527, a 5.5 percent increase from the 30,822 closings reported through the same period in 2004, which was a record-breaking year. "Greater Nashville is very fortunate to be able to sustain such a vibrant market for home sales," said GNAR President Richard Exton. "The consistent good news of companies and families relocating...