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Newsletter (current edition)

November 2018
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Market Conditions

Understanding the Market | Greater Nashville

Median Sales Price Continues to Climb
Greater Nashville REALTORS®; Press Release | January 8, 2019

NASHVILLE, Tenn. (Jan. 8, 2019) – Final numbers for 2018 indicate there were 39,514 homes sold in the region, compared to the 40,482 closings in 2017, the total sales for 2018 were down 2.4 percent. This is the second highest number of home sales since 2006.

There were 2,881 closings during the month of December, according to figures provided by Greater Nashville REALTORS®. This is an 11 percent decrease from the 3,246 closings reported for the same period in 2017.

Fourth quarter closings were 9,051 for the Middle Tennessee area. That total is a 6.6 percent decrease from the 9,690 closings during the fourth quarter of 2017.

“2018 proved to be one of the best markets in Middle Tennessee history, and we are looking forward to the New Year,” said Greater Nashville REALTORS® President Andrew Terrell.

“Our local economy remains strong, and interest rates remain low which are positive for the real estate market.”

There were 1,867 sales pending at the end of December, compared with 2,471 pending sales at this time last year. The average number of days on the market for a single-family home was 37 days.

The median price for a residential single-family home was $308,000, and for a condominium it was $222,000. This compares with last year’s median residential and condominium prices of $294,000 and $209,450, respectively.

Inventory at the end of December was 10,791 up from 9,011 in December 2017.

“While there will be challenges, there is still a lot of opportunities for consumers to buy, sell and lease real estate. Deciding to work with a REALTOR® in your local market will give consumers a competitive advantage when navigating the market,” added Terrell.

About Us: Greater Nashville REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict code of ethics.

The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.


Understanding the Market | National Overview

A Welcome Sign for Housing: Another Boost in Home Sales
National Association of REALTORS® | December 19, 2018

For the second consecutive month, existing-home sales rose, as three of the four major U.S. regions saw an increase in sales last month, the National Association of EALTORS® reported Wednesday.

Total existing-home sales—which are completed transactions for single-family homes, townhomes, condos, and co-ops—rose 1.9 percent from October to a seasonally adjusted rate of 5.32 million in November. Sales, however, are still down 7 percent from a year ago, NAR reports.

“The market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though down significantly from one year ago,” says Lawrence Yun, NAR’s chief economist. “Rising inventory is clearly taming home price appreciation.”

Here’s a closer look at some of the leading indicators in existing-home sales in November:

Home prices: The median existing-home price for all housing types was $257,700 in November, up 4.2 percent from a year ago.

Inventories: Total housing inventory fell to 1.74 million in November, but is higher than the 1.67 million from a year ago. Unsold inventory is at a 3.9-month supply at the current sales pace. “A marked shift is occurring in the West region, with much lower sales and very soft price growth,” says Yun. “It is also the West region where consumers have expressed the weakest sentiment about home buying, largely due to lack of affordable housing inventory.”

Days on the market: Forty-three percent of homes sold in November were on the market for less than a month. Properties stayed on the market, on average, for 42 days in November, up slightly from 40 days a year ago.

Distressed sales: Foreclosures and short sales comprised just 2 percent of sales in November, the lowest since NAR began tracking such data in October 2008. A year ago, distressed sales compromised 4 percent of home sales.

All-cash sales: All-cash transactions accounted for 21 percent of sales in November, down from 22 percent a year ago. Investors make up the bulk of all-cash sales. Individual investors purchased 13 percent of homes in November, down from 14 percent a year ago.

Source: National Association of REALTORS®; REALTOR® Mag News 121918