2019 Housing Market Reaches Historic High

NASHVILLE, Tenn. (Jan. 7, 2020) – Final numbers for 2019 indicate there were 42,356 homes sold in the region, compared to the 39,514 closings in 2018, the total sales for 2019 were up 7 percent. This is the highest number of home sales since 2006.  There were 3,482 closings during the month of December, according to figures provided by Greater Nashville REALTORS®. This is a 20 percent increase from the 2,881 closings reported for the same period in 2018.
 

Fourth quarter closings were 10,456 for the Middle Tennessee area. That total is a 15.6 percent increase from the 9,051 closings during the fourth quarter of 2018.
 

“There is no doubt 2019 set a new precedent with historic home sales,” said Kristy Hairston, Greater Nashville REALTORS® president. “This historical growth is a result of a strong local economy, corporate relocation and continued job growth across the region. Every day more people and companies make the Greater Nashville Area their home, and this boosts consumer confidence, which will move the housing market forward.”

 

A comparison of sales by category for December is:

 

 

2018

2019

 

CLOSINGS

2,881

3,482

Residential

2,436

2,880

Condominium

301

445

Multi-Family

28

22

Farms/Land/Lots

116

135

 

 

 

 

A comparison of sales by category for the fourth quarter is: 

 

 

2018

2019

 

CLOSINGS

9,051

10,456

Residential

7,594

8,702

Condominium

988

1,229

Multi-Family

69

72

Farms/Land/Lots

400

453

 

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

 

 

2018

2019

 

CLOSINGS

39,514

42,356

Residential

32,868

35,305

Condominium

4,317

4,828

Multi-Family

312

297

Farms/Land/Lots

2,017

1,926

 

There were 2,144 sales pending at the end of December, compared with 1,867 pending sales at this time last year. The average number of days on the market for a single-family home was 35 days. The median price for a residential single-family home was $324,000, and for a condominium it was $269,900. This compares with last year’s median residential and condominium prices of $308,000 and $222,000, respectively. Inventory at the end of December was 9,365 down from 10,791 in December 2018.

 

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

 

2018

2019

 

INVENTORY

10,791

9,365

Residential

7,702

6,612

Condominium

900

744

Multi-Family

65

40

Farms/Land/Lots

2,124

1,969

“It is going to be exciting to see what 2020 brings, and based on the increasing number of pending home sales, January is shaping up nicely. There is no doubt we see some challenges in regards to inventory, which may be a reflection of the lack of available land and the continued rise of prices in some areas. However, we continue to see more development and redevelopment of available spaces, which is a positive outlook for homebuyers and sellers,” added Hairston.

                                                    
View the December 2019 Market Data Infographic 

 

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