Nashville Home Sales Show Big 4th Quarter Gains

January 31, 2010
By Debbie

Housing sales up 37%? You heard it right. Davidson County residential single family home sales for the 4th quarter of 2009 showed substantial gains over the same period in 2008. The increase is second in the greater Nashville area only to Sumner County’s gain of over 40% for the same time period.

Based on information obtained from Realtracs Solutions, the Nashville metropolitan area’s housing market seems to be responding well to the efforts being made by the Federal Government to boost housing sales with the enactment of the Worker, Homeownership and Business Assistance Act of 2009.

Davidson County’s November 2009 residential single family homes sales spiked at almost 65% over November 2008. Sumner County’s November 2009 sales once again edged out Davidson County with gains that topped 74% over November 2008. The reason for the spike could be that the tax credit had been set to expire November 30, 2009. Home buyers had been rushing to make their home purchases before the deadline, thus the spike in November sales. However, the Act was expanded and extended for qualifying home purchases until April 30, 2010. Additionally, buyer’s have been given to June 30, 2010 to settle binding contracts of qualifying home purchases entered into by the April 30 deadline.

Based on additional information from Realtracs Solutions, the number of Davidson County residential single family homes sold in December 2009 was 443, up from 394 in December 2008, an increase of 12.44%. Sales of Nashville homes make up the majority of the Davidson County sales. In other areas, Sumner County was up 16%, Williamson County up 20%, and Cheatham County was up 72% for the same time period.

Industry professionals anticipate sales will continue to show gains in early 2010 because of the continuance of the home buyers tax credit. Lea Murphy of PrimeLending in Hendersonville, Tennessee, a PlainsCapital Company stated, “The current stimulus Act, low interest rates and low housing prices have definitely created opportunities for home buyers that would not have otherwise purchased property.“

The increase in home sales not only benefits home sellers, but it also assists in generating sales of mortgages, insurance, home improvement items, and products in other industries related to the Nashville real estate market. There is optimism that this growth will continue into Spring of 2010. However, there is no way to tell which direction the market will take after the federal tax credits expire.

2 Responses to “ Nashville Home Sales Show Big 4th Quarter Gains ”

  1. Sherrill Mykins on February 7, 2010 at 7:52 pm

    Very good text. I’ve found your blog via Yahoo and I’m really happy about the information you provide in your articles. Btw your blogs layout is really messed up on the Kmelon browser. Would be great if you could fix that. Anyhow keep up the great work!

  2. Matthew C. Kriner on May 30, 2010 at 12:29 pm

    When shopping for a home, there are quite a few things that can snatch your attention. When you look at a home, it’s very easy to fall immediately in love with it. New homes are clean, decorated perfectly, and many are what you pictured in your dreams. If you don’t shop the smart way though, you’ll end up like many other home owners and find faults shortly after you move in.

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