Nashville Housing Market Sees First Increase In 3 Months

Wednesday, July 8, 2020
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 increase from last year is exciting and shows us that our buyer’s housing demand is strong. While it’s apparent the uncertainty of the last few months affected the market during the second quarter, we see that trend changing.”
Data for the second quarter of 2020 showed 10,345 closings, down 12 percent from the 11,823 closings during the second quarter of 2019. 
 
A comparison of sales by category for June is: 

 

2019

2020

CLOSINGS

4,172

4,191

Residential

3,529

3,478

Condominium

451

479

Multi-Family

24

25

Farms/Land/Lots

168

209


A comparison of sales by category for the second quarter are: 

 

2019

2020

CLOSINGS

11,823

10,345

Residential

9,845

8,717

Condominium

1,341

1,090

Multi-Family

86

50

Farms/Land/Lots

551

488


2020 midyear report:

 

YTD 2019

YTD 2020

CLOSINGS

19,870

19,121

Residential

16,522

16,021

Condominium

2,250

2,060

Multi-Family

148

115

Farms/Land/Lots

950

925


There were 4,648 sales pending at the end of June, compared to 3,645 pending sales at this time last year.

The average number of days on the market for a single-family home was 32 days. “The number of pending sales is unprecedented, and with over 4,600 pending sales, we could see the market hold strong in July. The rising median home sales price, continues to indicate a shortage of housing inventory in some areas,” added Ms. Hairston.
 
The median price for a residential single-family home was $331,448 and for a condominium it was $243,990. This compares with last year’s median residential and condominium prices of $319,990 and $231,689 respectively.
 
Inventory at the end of June was 9,682 down from 11,610 in June 2019. 
 
The current inventory of properties by category, compared to last year, is:

 

2019

2020

INVENTORY

11,610

9,682

Residential

8,274

6,825

Condominium

985

1,001

Multi-Family

69

49

Farms/Land/Lots

2,282

1,807

 

 



Real Estate Transfers For July 30-Aug. 5

Brandi Pearl Thompson: Fair Housing For All – That’s Who We R

Habitat For Humanity Of Greater Chattanooga To Host Virtual Raise The Roof Fundraiser Sept. 30


NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding ... (click for more)

Fair Housing is a big deal. The National Association of Realtors' Director of Fair Housing Policy Bryan Greene summed it up best when he said, “Discrimination has no place in our business at ... (click for more)

Habitat for Humanity is set to host its first-ever virtual Raise the Roof event on Wednesday, Sept. 30, at noon. The virtual event will feature cameo appearances by special celebrity guests, ... (click for more)



Real Estate

Real Estate Transfers For July 30-Aug. 5

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding this report, please call Chattanoogan.com at 423 266-2325. GI numbers, listed when street addresses are not available, refer to the location of transactions (book number and page number) in ... (click for more)

Brandi Pearl Thompson: Fair Housing For All – That’s Who We R

Fair Housing is a big deal. The National Association of Realtors' Director of Fair Housing Policy Bryan Greene summed it up best when he said, “Discrimination has no place in our business at all. The work of the realtors is even more important now because where you live determines health outcomes, educational opportunities and overall safety.” Realtors across the country are ... (click for more)

Breaking News

Hamilton County Has 1 More Coronavirus Death, Cases Top 6,000; State Has 9 More Deaths

The Hamilton County Health Department reported on Saturday that the total number of Hamilton County resident deaths has risen one more to 54. Total cases now are 6,031 in Hamilton County, an increase of 104. Tennessee had 9 more deaths bringing the toll to 1,215. There were 1,803 new cases for a total of 120,585. There were 72 more hospitalized to bring that total ... (click for more)

Witnesses Saw Road Rage Killing Of 19-Year-Old Caleb McKean; Got Tag Number Of Mazda Driven By Terry Beard, Who Confessed

Police said several people witnessed the road rage killing of 19-year-old Caleb McKean on Friday afternoon. One got the tag number of the distinctive Mazda driven by the shooter. That let police to 43-year-old Terry Julius Beard, who confessed and has been charged with criminal homicide. At approximately 2:42 p.m., Chattanooga Police responded to a person shot call in ... (click for more)

Opinion

Thanks To District 1

I want to thank all of the citizens in District 1 who voted for me to continue being your Hamilton County School Board Representative. After I won the race on Thursday, I was asked by a reporter, “Why do you think the voters in District 1 continue to elect you after 16 years?” I answered, “Because I know what my job is as a school board member. It is to be the voice of the people ... (click for more)

Roy Exum: Christians … And Trump

The August primaries in Tennessee are now over, so we shift our gaze to the November presidential elections. On Fox News yesterday, commentator Greg Gutfeld boldly predicted that the “real reason” Democrat challenger Joe Biden has not named a vice-president running mate is because Joe is battling some very troubling mental cognizance issues that are now of such concern Biden will ... (click for more)