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Nashville real estate news

October 27th, 2009 · No Comments · Real Estate Markets

nashvilleThe Nashville real estate market is considerably stronger than the rest of that of the state of Tennessee, which is in turn slightly above average for the southern portion of the United States. This is partially due to the location of Nashville in eastern Tennessee, which in general has fared better than the western and central portion of the United States.¬† This was perhaps best illustrated by a September 8, 2009 article in the Memphis Business Journal, which compared the foreclosure rate of Memphis to that of Knoxville. The piece stated that “The number of foreclosure listings in the Memphis area market dropped 12 percent in the last month…Peer city Nashville had considerably fewer foreclosures at 170.”

According to a September 9, 2009 article in the Memphis Business Journal, the home sale declines experienced by Nashville homes for sale in recent months is considerably¬† lower than that which took place in the earlier portion of the year. The piece stated that “Greater Nashville home sales saw a single-digit decline in August, falling 9.2 percent over the year-ago period – an improvement over the larger declines in the first half of the year. Sales from January through August are down 23.8 percent, according to numbers released Wednesday by the Greater Nashville Association of Realtors. In August, 2,064 homes were sold, compared to 2,273 one year ago. Realtors say it’s a positive sign that more than 2,000 properties were sold for the third consecutive month.”

The President of the Greater Nashville Association of Realtors, Mike Nichols, stated that “The number of closings has stabilized in recent months…The median price has decreased, primarily as a result of short sales and foreclosures, which makes the current real estate market a good one for investors.” According to a September 9, 2009 article in the Nashville Post, “For the third month in the row, Nashville saw over 2,000 home closings in August, according to Greater Nashville Association of Realtors’ figures released today…The report also states there were 2,181 sales pending at the end of the month, higher than the 2,149 pending sales reported at the same time last year. The average days on the market for single-family homes was 88 days.”

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