The median price of a single-family home in the region rose 10 percent in March to $245,000, marking the highest point in the Greater Nashville Association of Realtors’ tracking since 1990.
More than 3,140 residential properties changed hands last month, increasing closings for the first three months of 2016 by 10.7 percent to 7,601. All nine counties in trade group GNAR’s tracking area posted quarterly gains in home sales, with the residential median price also increasing in all but one.
Low inventory was a culprit in the year-over-year jump in the median home price, which recently has fluctuated month-over-month, including $242,668 for January and $235,000 in February. The previous record high in GNAR’s tracking was $242,945 in December.
The median price of a condo rose 18 percent from a year ago to $181,894 for March, but that still trails the monthly record of $194,183 set in December.
“That higher median price is the result of low inventory and the demand that we have,” GNAR President Denise Creswell said, citing an estimated 80-plus potential buyers moving to the Nashville area each day. “A lot of buyers are going ahead and making offers now because they anticipate those median prices increasing further.”
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