Nashville, TN (PRWEB) January 31, 2013
The Nashville Real Estate Market is experiencing appears to be healthy with some challenges ahead for 2013. We are back to the sales, prices and inventory number just prior to the financial crisis. “Nashville is very fortunate to have a recovering economy and an improved housing market,” Jolly said, “We are very excited about the potential for the market in 2013.”
Nashville Real Estate Sales had a strong finish in 2012.
December was 21% higher in units sold than the same month in 2012. We finished up 2012 with a 27% increase in year over year sales and a 30% increase in fourth quarter sales.
The Real Estate Inventory in Nashville has not been this low since 2006. We have a little more than seven months of sales on hand of Inventory at the current sales rate. Our supply and demand are more aligned. Prices have started to climb in all areas with favorable inventory numbers.
Real Estate Prices in the Greater Nashville Area are trending in the right direction after flat lining in 2011. Our average sales price in December was more than eleven percent higher than the same month in 2011 and four percent higher than November 2012. Days on market continue to decline and the pending home sales are trending upwards.
The Nashville Real Estate Outlook for 2013 is promising. "We need to keep a close eye on these key factors, as they are directly tied to our recovery," Jolly continued.
Tight Housing Supply
Low Interest Rates
Job Growth and Relocation
The Debt Ceiling and the Contracting Economy are the greatest concern. These two factors could have the largest affect on the Nashville Housing Market.
Steve Jolly is a Real Estate Broker in the Greater Nashville Area. Interested individuals can see market charts and learn more about the Nashville Real Estate Market by going to NashvilleRealEstateNow.com.