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.