Greater Nashville REALTORS® office will be closed on November 25, at 1:00 p.m. until November 27, in honor of the Thanksgiving Holiday. We will reopen on Monday, November 30, at 8:30 a.m. 

Housing Market Sees First Increase in Three Months

Published Tuesday, July 7, 2020

NASHVILLE, Tenn. (July 8, 2020) There were 4,191 home closings reported for the month of June, according to figures provided by Greater Nashville REALTORS®. This figure is up 0.5 percent from the 4,172 closings reported for the same period last year.

“For the first time in three months, the market shows strong signs of stabilizing,” said Kristy Hairston, Greater Nashville Realtors president. “A 0.5 percent increase from last year is exciting and shows us that our buyer’s housing demand is strong. While it’s apparent the uncertainty of the last few months affected the market during the second quarter, we see that trend changing.”

Data for the second quarter of 2020 showed 10,345 closings, down 12 percent from the 11,823 closings during the second quarter of 2019.

A comparison of sales by category for June is:

 

2019

2020

CLOSINGS

4,172

4,191

Residential

3,529

3,478

Condominium

451

479

Multi-Family

24

25

Farms/Land/Lots

168

209

     
     

A comparison of sales by category for the second quarter are: 

 

 

2019

2020

CLOSINGS

11,823

10,345

Residential

9,845

8,717

Condominium

1,341

1,090

Multi-Family

86

50

Farms/Land/Lots

551

488

     








2020 midyear report:

 

YTD 2019

YTD 2020

CLOSINGS

19,870

19,121

Residential

16,522

16,021

Condominium

2,250

2,060

Multi-Family

148

115

Farms/Land/Lots

950

925

 

There were 4,648 sales pending at the end of June, compared to 3,645 pending sales at this time last year. The average number of days on the market for a single-family home was 32 days. “The number of pending sales is unprecedented, and with over 4,600 pending sales, we could see the market hold strong in July. The rising median home sales price, continues to indicate a shortage of housing inventory in some areas,” added Hairston.

 

The median price for a residential single-family home was $331,448 and for a condominium it was $243,990. This compares with last year’s median residential and condominium prices of $319,990 and $231,689 respectively.

 

Inventory at the end of June was 9,682 down from 11,610 in June 2019. 

 

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

 

2019

2020

INVENTORY

11,610

9,682

Residential

8,274

6,825

Condominium

985

1,001

Multi-Family

69

49

Farms/Land/Lots

2,282

1,807

     



For more information about market data, visit greaternashvillerealtors.org. 

 

About Us: Greater Nashville REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict code of ethics. 

 

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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