Nashville home sales hit 3,694 closings for November, according to data provided by Greater Nashville Realtors. This figure is up 14 percent from the 3,232 closings reported for the same period last year.
“November home sales are something to be thankful for,” said Kristy Hairston, Greater Nashville Realtors president. “In a typical year, we would be thrilled to see a 14 percent increase, but with all we’ve experienced this year, the consistent trajectory of closed sales is a reminder that buyers and sellers are remaining active in the housing market. This is great news for our local economy as a vibrant housing market stimulates growth. An increase in closed residential sales points to steadying employment opportunities and consumer confidence in the Greater Nashville area, and that is exciting.”
A comparison of sales by category for November is:
2019 2020
CLOSINGS 3,232 3,694
Residential 2,706 3,061
Condominium 356 427
Multi-Family 27 28
Farms/Land/Lots 143 178
Additionally, the data showed a total of 3,119 pending sales at the end of November, compared to 2,801 pending sales at this time last year. The average number of days on the market for a single-family home was 24 days.
The median price for a residential single-family home was $350,000 and for a condominium, it was $244,990. This compares with last year’s median residential and condominium prices of $322,500 and $242,900 respectively.
Inventory at the end of November was 6,200 down from 10,841 in November 2019.
The current inventory of properties by category, compared to last year, is:
2019 2020
INVENTORY 10,841 6,200
Residential 7,627 3,789
Condominium 913 919
Multi-Family 50 57
Farms/Land/Lots 2,251 1,435
“Residential and Farms/Land/Lots are seeing lower than average inventory compared to last year, whereas Condos and Multi-Family remain about the same," said Ms. Hairston. "It’s important to look at the data to gain a full perspective. While we see limited inventory in some areas, homes sell faster and at higher prices than ever before. The best way to understand how the current housing market may affect your housing decisions, contact a realtor. More than an app, a realtor is prepared for a fast-moving market and can give buyers and sellers the right information to be successful in their homeownership journey."
The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.