Home Sales Continue To Rise Despite Uncertainty

Tuesday, April 7, 2020

According to figures provided by Greater Nashville Realtors, there were 3,346 home closings reported for the month of March. This figure indicates a 3.4 percent increase from the 3,237 closings reported for the same period last year.  

Data for the first quarter of 2020 showed 8,776 closings, a 9.1 percent increase from the 8,047 closings during the first quarter of 2019.

“It is exciting to see that despite uncertain times, we still see continued increases in home sales, said Kristy Hairston, Greater Nashville Realtors president. “Consumers need to know; Realtors are working hard to transition our business to help them continue to take the next step in their home buying or selling path. While viewing and showing homes may look a little different right now, Realtors are committed to helping their clients achieve their goals while adhering to the Safer At Home and CDC guidelines.”

A comparison of sales by category for March is:

Year 2019 2020
CLOSINGS 3,237 3,346
Residential 2,703 2,833
Condominium    361      350
Multi-Family       25     12
Farm/Land/Lots   148   151

A comparison of sales by category for the first quarter/year-to-date is:

Year 2019 2020
CLOSINGS 8,047 8,776
Residential 6,677 7,304
Condominium    909    970
        Multi-Family      62      65
Farm/Land/Lots    399    437

There were 3,139 sales pending at the end of March, compared to 3,158 pending sales at this time last year. The average number of days on the market for a single-family home was 37 days. “We will continue to monitor pending sales as they dictate how the market is responding to changing mortgage guidelines and number of buyers in the market,” added Ms. Hairston

The median price for a residential single-family home was $330,000 and for a condominium it was $240,238. This compares with last year’s median residential and condominium prices of $305,000 and $223,000 respectively.

Inventory at the end of March was 9,677 down from 11,276 in March 2019.

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

Year 2019 2020
INVENTORY 11,276 9,677
Residential   7,941 6,815
Condominium      965    862
Multi-Family        81      54
Farm/Land/Lots   2,289         1,946

“April is recognized nationally as Fair Housing Month. Realtors are long-standing proponents of equal opportunity in housing and will continue working to ensure quality housing is available for all,” added Ms. Hairston.



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