Price Increases In Nashville Send Clear Message To Jump In The Market Now

Thursday, October 7, 2021 - by Black Stewart, Greater Nashville Realtors

There were 4,022 home closings in the Greater Nashville Region reported for the month of September, according to figures provided by Greater Nashville Realtors. This figure represents an 8 percent decrease compared to the 4,388 closings in September 2020.

Data for the third quarter of 2021 showed 12,624 closings, down five percent from the 13,371 closings during the same period of 2020.

"A realtor friend said it best," said Brian Copeland, Greater Nashville Realtors president. "He calls this time of the year ‘Fall Yawn,’ when the market takes a little rest. We are definitely going to be down from 2020, probably forever. That was a record year, and comparing to it will never be a fair parallel."

A comparison of sales by category for September is:

 

2020

2021

CLOSINGS

4,388

4,022

Residential

3,517

3,234

Condominium

552

527

Multi-Family

71

34

Farms/Land/Lots

248

227



A comparison of sales by category for the third quarter:

2020

2021

CLOSINGS

13,371

12,624

Residential

11,108

10,167

Condominium

1,551

1,712

Multi-Family

119

97

Farms/Land/Lots

693

648


 

A comparison of sales by category year-to-date is:

 

2020

2021

CLOSINGS

32,492

34,793

Residential

27,129

27,856

Condominium

3,611

4,719

Multi-Family

234

258

Farms/Land/Lots

1,618

 

1,960


There were 3,639 sales pending at the end of September, compared with 3,799 pending sales at this time last year. The average number of days on the market for a single-family home was 23 days.

The median residential price for a single-family home during September was $414,583 and for a condominium, it was $298,000. This compares with last year’s median residential and condominium, prices of $348,000 and $245,000. respectively.

Inventory at the end of September was 5,307, a decrease from 7,847 in September 2020.

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

 

2020

2021

INVENTORY

7,847

5,307

Residential

5,195

3,388

Condominium

1,048

607

Multi-Family

53

61

Farms/Land/Lots

1,551

1,251

"The price increases should be a clear message to buyers to jump in now before they go even higher,” added Mr. Copeland. “One buyer texted me recently and was sad they didn’t buy two years ago. Trust your realtor. When we say ‘Now is the time,’ we are serious.”

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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