Data for the month of August showed 4,288 home closings, according to figures provided by Greater Nashville Realtors. This figure indicates a 2 percent decrease from the 4,380 closings reported for the same period last year.
“With stock being low throughout June and July, August’s numbers are feeling the brunt of that shortage,” said Brian Copeland, Greater Nashville Realtors president. "With sellers deciding more and more to list and move, we’re hopeful inventory will improve over the next few months.”
A comparison of sales by category for August is:
2020
2021
CLOSINGS
4,380
4,288
Residential
3,638
3,479
Condominium
493
550
Multi-Family
21
32
Farms/Land/Lots
228
227
There were 3,628 sales pending at the end of August, compared to 4,220 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 price for a residential single-family home was $415,000 and for a condominium, it was $290,400. This compares with last year’s median residential and condominium prices of $346,172 and $242,500 respectively.
Inventory at the end of August was 5,246 down from 8,459 in August 2020.
The current inventory of properties by category, compared to last year, is:
2020
2021
INVENTORY
8,459
5,246
Residential
5,749
3,321
Condominium
1,068
611
Multi-Family
45
70
Farms/Land/Lots
1,597
1,244
“With inventory levels remaining low and new construction not entering the marketplace as rapidly, we will remain in this seller’s market strongly into autumn and likely beyond,” Mr. Copeland added.