Nashville Real Estate Market Report | February 2009

There were 1,267 home closings reported for the month of February, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 33 percent from the 1,892 closings reported for the same period last year.

There were 1,452 sales pending at the end of the month, compared with 2,183 pending sales at this time last year. The average number of days on the market for a single-family home was 90 days. The median residential price for a single-family home during February was $160,000, and for a condo it was $151,120. This compares with last year’s median residential and condo prices of $168,000 and $154,650, respectively.

Inventory at the end of February was 23,122, up slightly from 22,473 in February 2008. The housing inventory is up slightly over the 22,509 number posted in January 2009.

There was also a 2 percent uptick in the number of Nashville foreclosures and well as a 7 percent increase in the number of real estate auctions.