Home prices in the Greater Nashville, Tenn., area rose strongly in November for the second consecutive month, as home sales also picked up pace, according to figures provided by the Greater Nashville Association of Realtors.
The median residential price for a single-family home during November was $168,535, up 13.5 percent from $148,500 a year ago. The median price for a condominium last month was $137,000, up 15.2 percent from $118,943 in November 2004.
There were 2,985 home closings reported for the month of November, up 8 percent from the 2,762 closings reported for the same period last year, the association reported.
Year-to-date closings through November are 35,512, a 5.7 percent increase from the 33,584 closings reported through November 2004.
“In the midst of shopping season, it appears that homes are on the ‘wish lists’ of many people in Greater Nashville,” said GNAR President Richard Exton. “The number of sales pending at this point makes it a virtual certainty that the Greater Nashville market will set a new record for home sales this year. And, the outlook for next year is very positive based on good news like the relocation of Nissan’s North American Headquarters to the area in 2006.”
The average number of days on the market for a single-family home in November was 61 days, down from 67 days for November 2004, but unchanged from October.
Inventory at the end of November was 13,718, up from 13,456 in November 2004.
“Inventory is up compared to last year and that is also very good news,” said Exton. “For the last two years inventory of available homes and properties has been below previous levels. The current inventory level means there are more choices available to home buyers, making it a more balanced market.”
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.
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