Housing Market Continues To Recover Across Middle Tennessee

Tuesday, September 8, 2020

There were 4,380 home closings reported for the month of August according to figures provided by Greater Nashville REALTORS. This figure is up six percent from the 4,140 closings reported for the same period last year.    

“The housing market is in full-on recovery mode,” said Kristy Hairston, Greater Nashville Realtors president. “Over the last three months, we've seen continued growth in homes sales across the region. An increase in corporate relocation, second home purchases and emerging first-time buyers coupled with low interest rates continue to make  Middle Tennessee a leader in market recovery and with another month of high pending sales, September could bring a strong third quarter.”

A comparison of sales by category for August is: 

 

                                    2019

                 2020

CLOSINGS

4,140

4,380

Residential

3,516

3,638

Condominium

413

493

Multi-Family

32

21

Farms/Land/Lots

179

228

There were 4,220 sales pending at the end of August, compared to 3,561 pending sales at this time last year. The average number of days on the market for a single-family home was 27 days.

The median price for a residential single-family home was $346,172 and for a condominium it was $242,500. This compares with last year’s median residential and condominium prices of $315,862 and $232,900 respectively.

Inventory at the end of August was 8,459 down from 11,460 in August 2019. 

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

                              2019

                  2020

INVENTORY

11,460

8,459

Residential

8,177

5,749

Condominium

940

1,068

Multi-Family

55

45

Farms/Land/Lots

2,288

1,597

"Residential housing inventory remains low across the region due to a decreased amount of available homes for sale in various areas," said Ms. Hairston. "Lack of housing supply, means homes that are priced right are selling fast. If you are looking to navigate our vibrant, local housing market, it is imperative to use a Realtor.  More than an app, a Realtor knows the market and adheres to a strict code of ethics, thus ensuring you have accurate information allowing customers to make the best decision regarding their housing needs."

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



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