Is the Nashville Real Estate Market Stabilizing?

There are plenty of indications that the Nashville  Residential Home market will be active during the first quarter of 2010:

GNAR NEWS   Special Issue - November Home Sales   December 9, 2009
GREATER NASHVILLE HOME SALES INCREASE MORE THAN 50 PERCENT IN NOVEMBER

There were 1,973 home closings in Greater Nashville during November, representing a 58.7 percent increase from the 1,243 closings reported during November of 2008. And, there have been 19,571 closings so far in 2009, which is 14.3 percent lower than the 22,824 closings for the same period in 2008.

The median residential price in November of this year was $158,500 and for a condominium the median price was $144,400. That compares with median prices of $165,500 and $150,000 respectively in November of last year.   Inventory is down to 22,528, compared with 23,467 in November of 2008.

A good part of  the upward  trend is due to the continuation of the New home buyers tax credit. Current home owners are now eligible for a $6500 tax credit for the purchase of a home. There has rarely been a better time to purchase a new home, Inventory has approached normalcy, Interest rates are historically low, and both first time as well as returning buyers can take advantage of thousands of dollars of savings. If you’ve been on the fence, it’s time to hop off and get a contract on your next dream home before of the 1st quarter of 2010, or loose out on what might be a wonderful opportunity.

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