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January / February 2018 – Market Snapshot

2018 MARKET FORECAST:

Colder weather naturally means less home shopping, so January and early February saw a slight pause in home sales growth.  Still, January on January, sales were up from last year (see below).  Here at the end of February, near-Spring like weather is stirring up home shoppers and new listings alike, potentially creating an earlier than usual Spring frenzy, before another interest rate hike.

In Nashville, there were 2,951 sales pending at the end of January, compared with 2,871 last year. The average number of days on the market for a single-family home was 36 days. The median residential price for a single-family home during January was $281,500 and for a condominium it was $210,098. This compares with last year’s median residential and condominium prices of $261,500 and $184,350, respectively.

“…Economists with realtor.com have forecasted home prices to rise in 2018, but with more moderate gains compared to 2017,” said Sher Powers, President of Greater Nashville Realtors (GNAR).  “While we know inventory will continue to be somewhat of a challenge, a flatter rise in home prices should be a boost to potential buyers.”

According to the Williamson County Association of Realtors, “Strong economies and healthy building levels will help drive Southern markets to beat the national average home sales growth [in 2018]”. 

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