More than 3,000 homes sold in the Nashville area last month, the first time that figure has been reached since the summer of 2007.
The Greater Nashville Association of Realtors reported today 3,061 home closings in May — an increase of 22.4 percent over the mark from the same month last year.
The last time GNAR reported more than 3,000 sales was August 2007.
"That’s a major milestone for our region," GNAR President Price Lechleiter said in a release. "Median prices continue to increase while [homes are] remaining affordable, and there are more than 3,000 sales currently pending. Combined, these numbers show that the Nashville market is not only stabilizing but growing stronger. This is welcome news.”
There were 3,069 sales pending at the end of the month, compared with 2,671 sales pending at this time last year. The average number of days on the market for a single-family home was 73 days.
Median prices were $195,000 for a single-family home and $166,900 for a condominium. This compares with last year’s median residential and condominium prices of $179,000 and $160,000, respectively.
Inventory at the end of May was 16,760 units — a five-month supply given current sales rates.