Nashville's Real Estate Trends looking better for 2012
Real Estate trends for the Nashville area for the winter of 2011/12 are certainly looking better than the past few years.
There are a number of different factors that could end up driving potential buyers into the market during the first half of 2012. Mortgage rates are low, apartments in Nashville are experiencing record high rental rates and most of all, the local housing market seems to finally be taking steady strides towards a recovery.

December 2011 closings were up 18.2 percent from the same period in 2010. There were 1,773 closings this past December compared to 1,500 in December 2010, reports the Greater Nashville Association of REALTORS. Closings increased in residential, multifamily and farms/land/lots categories.
Only in condominiums did the number drop. As December closed out, the number of pending sales stood at 1,652, compared to 1,273 for the end of December 2010.
Prices are lower than a year ago, despite a drop in available inventory, indicating many opportunities for buyers in the greater Nashville area Real Estate market. The median price for a residential property was $168,500, down from $174,500 the prior year. For condominiums, the median price was $140,062, up slightly from $140,000 recorded the previous year.
Total inventory in all categories at the end of 2011 stood at 17,216, down from 19,411 a year ago. For residential properties, the inventory stands at 10,574, down from 12,146. Condominium availability is as 1,447, down from 1,799. Multifamily stocks are at 308 available, down from 370. The number of farm/land/lots presently available is at 4,887, down from 5,096.
Distressed properties decreased as part of the resale market total for January. Distressed sales include foreclosures and short sales. There were 44 price increases as opposed to 549 decreases from December to January.
What is especially significant is that 2011 was the first year since 2006 that showed an increase in closings from the prior year. This is especially significant considering that there are no tax-credit incentives or stimulus funds available, as was the case in 2010.
These figures, along with the fact that December was the sixth consecutive month of increase home sales, are reason for optimism that Nashville’s housing market may have turned the corner in this recession. 2012 should be a good year for real estate if trends continue.
Although prices are down, there are indications that they are stabilizing. This means that the market will remain competitive for sellers.
Thank you Lillian Swift, Guest Writer
Lillian Swift is a creative writer from Northern Arizona University. As an aspiring writer, she specializes in writing about travel destinations and tourism.
Connie Harveyis a local agent with Pilkerton Realtors, serving home buyers and sellers in Nashville, TN, Brentwood TN, and Franklin TN. Let her help you realize your Real Estate goals. She can be reached at 615-371-2474.
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