Indicators Show Positive Nashville Real Estate Market Moving Forward

Tuesday, June 9, 2020

There were 3,267 home closings reported for the month of May, according to figures provided by Greater Nashville Realtors. This figure indicates a 22 percent decrease from the 4,172 closings reported for the same period last year.  

“We are still dealing with some of the after-effects of the instability of the job market during the second quarter due to COVID-19,” said Kristy Hairston, Greater Nashville Realtors president. “A key point to remember is the Greater Nashville area is still out producing other large metro areas where some housing markets have stalled. Our local consumers are still buying and selling homes, which is evident with the over 4,000 pending sales at the end of May.

"While we are waiting for more sellers to return to the market now that the economy is opening up in some areas, on the national level, there is an uptick in home improvement projects, according to the National Association of Realtors. This uptick leads us to believe that more sellers will return to the market with an updated home.”

A comparison of sales by category for May is:

 

Year

2019

2020

CLOSINGS

4,172

3,267

Residential

3,461

2,759

Condominium

473

325

Multi-Family

41

16

Farm/Land/Lots

197

 

167

There were 4,085 sales pending at the end of May, compared to 3,940 pending sales at this time last year. The average number of days on the market for a single-family home was 31 days.

The median price for a residential single-family home was $329,900 and for a condominium it was $225,000. This compares with last year’s median residential and condominium prices of $318,000 and $232,000 respectively.

Inventory at the end of May was 10,001 down from 11,576 in May 2019.

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

 

Year

2019

2020

INVENTORY

11,576

10,001

Residential

8,254

7,086

Condominium

982

1,001

Multi-Family

72

48

Farm/Land/Lots

2,268

1,866

 “While inventory may be lower than last year, we do see more homes coming on to the market than in previous months, which is exciting," said Ms. Hairston. "Lower inventory means consumers need to prepare themselves for multiple offer situations. Even though it appears complicated, multiple offers are not something to fear. Working with a realtor is the best option for consumers to navigate our ever-changing market."

June marks National Homeownership Month, which recognizes the value of homeownership to individuals, families, communities and the nation’s economy. Realtors are on a mission to protect homeownership rights for all consumers.

The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.

 



Paula McDaniel Earns Internationally Recognized Designation For Performance In Luxury Real Estate

Nashville Housing Market Sees First Increase In 3 Months

Brandi Pearl Thompson: The REALTOR Code Of Ethics In A Fast Market


Paula McDaniel from Real Estate Partners Chattanooga LLC earned The Institute for Luxury Home Marketing’s Certified Luxury Home Marketing Specialist designation in recognition of experience, ... (click for more)

There were 4,191 home closings reported for the month of June, according to figures provided by Greater Nashville REALTORS. This figure is up 0.5 percent from the 4,172 closings reported for ... (click for more)

You probably already know that working with a Realtor gives buyers, sellers, and investors many advantages they need to succeed in today’s real estate market. But did you know another advantage ... (click for more)



Real Estate

Paula McDaniel Earns Internationally Recognized Designation For Performance In Luxury Real Estate

Paula McDaniel from Real Estate Partners Chattanooga LLC earned The Institute for Luxury Home Marketing’s Certified Luxury Home Marketing Specialist designation in recognition of experience, knowledge and expertise in high-end residential properties. Ms. McDaniel joins an exclusive group of real estate professionals who have completed The Institute’s training and have a proven ... (click for more)

Nashville Housing Market Sees First Increase In 3 Months

There were 4,191 home closings reported for the month of June, according to figures provided by Greater Nashville REALTORS. This figure is up 0.5 percent from the 4,172 closings reported for the same period last year. “For the first time in three months, the market shows strong signs of stabilizing,” said Kristy Hairston, Greater Nashville Realtors president. “A 0.5 percent ... (click for more)

Breaking News

Hamilton County Adds 75 New Cases, Another Death To COVID Toll

Hamilton County Health Department Administrator Becky Barnes said Friday that Hamilton County has added 75 new coronavirus cases, with the number of cumulative cases being 3,255. She said there are 2,096 recovered cases, and 1,122 active COVID patients in the community. She reported another COVID death to the total. The 37 th death was a White non-Hispanic male between 61-70 ... (click for more)

Protest Leader Takes Down Sheriff's Flag In Front Of Jail, Burns It At Miller Park

A protest leader acknowledged in an Internet post that she took down the Sheriff's Department flag from in front of the County Jail and burned it at Miller Park. Marie Mott said she did so because "I got tired of seeing it flying knowing there are black, brown and poor white people in that jail while white people are allowed not to wear a mask when we have a virus that kills ... (click for more)

Opinion

Mandates Are A Bluff - And Response (13)

Via something called an "Executive Order," the facemask mandate will go into effect in Hamilton County on Friday until Sept. 8. This is an illegal executive order and carries no legal weight. Those issuing it know this, which is why Jim Coppinger was too cowardly to issue it himself, but passed off the dirty deed to Dr. Paul Hendricks, who is not even a duly elected representative ... (click for more)

Roy Exum: The Saturday Funnies

Some time ago The Saturday Funnies started a “CLICK HERE” section at the end of the weekly jokes and stories. With today’s magnificent media, they are easily available and now I find a good half of the “Funnies” that arrive in our emails are videos. This week I received one video that I believe should be shared with everyone in times such as this. Because I am so gleeful over ... (click for more)