Housing Market Off To Fast Start In Nashville

Friday, February 7, 2020

There were 2,632 home closings reported for the month of January, according to figures provided by Greater Nashville Realtors. This figure is up 15.7 percent from the 2,274 closings reported for the same period last year.   

“The housing market is off to a great start for 2020,” said Kristy Hairston, Greater Nashville Realtors president. "With increased sales in January, a large number of pending sales and low mortgage rates, February looks to be another active month in the Greater Nashville Area.”

A comparison of sales by category for January is:

2019

2020

CLOSINGS

2,274

2,632

Residential

1,888

2,152

Condominium

247

299

Multi-Family

18

26

Farms/Land/Lots

121

155


There were 3,117 sales pending at the end of January, compared to 2,853 pending sales at this time last year. The average number of days on the market for a single-family home was 40 days.

The median price for a residential single-family home was $305,950, and for a condominium it was $239,000. This compares with last year’s median residential and condominium prices of $293,650 and $200,100 respectively.

Inventory at the end of January was 9,410, down from 11,150 in January 2019.

The current inventory of properties by category, compared to last year, is:

           2019

2020

INVENTORY

11,150

9,410

Residential

7,799

6,588

Condominium

981

808

Multi-Family

118

49

Farms/Land/Lots

2,252

1,965


“Demand is outpacing inventory, which leads to higher prices," said Ms. Hairston. "Working with a realtor can help you determine your best housing option. Shopping for homes is not just price comparisons online; it’s understanding neighborhoods, school options, and evaluating what the right move is for you. More than an app, a Realtor walks with you every step of the way in your homeownership journey. If you are interested in learning more about becoming a homeowner, contact a Realtor." 

For more information about Greater Nashville market data contact Mitch Turner at (615) 254-7516.


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