Nashville’s real estate market always heats up in the summer, and this summer is sure to be a big one for Nashville home buyers and sellers! In fact, according to GNAR President, Denise Creswell, “Given the continued low interest rates and pent-up buyer demand, don’t expect a slowdown anytime soon.” And there’s a lot of statistics to back up that statement. Consider some data which the GNAR reported:
There were 3,141 home closings reported in March, a 10.7% increase compared to the 2,837 closings in March of 2015. Data for the first quarter of 2016 showed 7,601 closings, up 10.1% from the 6,904 closings during the first quarter of 2015.
At the end of March this year, there were 3,295 pending home sales. But last year, in the same month? Only 3,083. And the median sales prices have had a notable jump up in that time! The equity gained in the summer months is often substantial: enough to pay for vacations, upgrade your house… or simply buy a newer, better, bigger one.