Year to date, home sales are up 5.2 percent from 2013 with an especially big sales jump in September. Credit: Blake Farmer / WPLN
So far this year, home sales in Davidson and Rutherford counties have been driving much of the area’s growth in real estate closings. Closings were up by 19 percent in September compared to the prior year, according to newly released figures from the Greater Nashville Association of Realtors.
Some counties are actually down for the year, though just barely. Sumner and Cheatham county closings are basically on par with 2013, though prices continued to climb in Sumner. Cheatham County’s median prices dipped slightly, from $147,500 to $145,000.
By contrast, some parts of the region are just plain hot, and architect Derek Schmidt is in the middle of one. He moved from one East Nashville home to another, bigger one. His family of three didn’t necessarily need more space, but Schmidt says the time was right.
“I felt like if we waited until we needed to move, we were going to be priced out of Lockeland Springs for sure, and maybe out of East Nashville in general,” Schmidt says.
Besides leading the region in the number of closings, Davidson County has also seen the biggest jump in median prices this year — a full $25,000 over last year.
Fast-growing Rutherford County is responsible for the rest of the growth.
“Between July and September, nearly every county in our area saw increases in residential sales, condominium sales or both,” GNAR president Hagan Stone said in a statement. “These numbers are strong indicators that Middle Tennessee remains healthy and vibrant as we move into the fourth quarter.”
September Highlights
- Median home price for Nashville area fell from record high earlier this year to $211,400, which is still up from 2013.
- 3,122 home closings were recorded – a big jump from 2013, but still below pre-recession levels in 2005 and 2006.
- Average number of days on the market fell to 68 from 70 days in September of 2013.
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