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. 

Home Sales Reach Historic High Once Again

Published Friday, August 7, 2020 12:45 am

NASHVILLE, Tenn. (August 7, 2020) – There were 4,703 home closings reported for the month of July according to figures provided by Greater Nashville REALTORS®. This figure is up 12 percent from the 4,189 closings reported for the same period last year.

“Homes sales continue to rise in the Greater Nashville region,” said Kristy Hairston, Greater Nashville REALTORS® president. “It’s encouraging to see these numbers continue to rise despite the constant change in our economy. In June, we started to see the market stabilize, and with the data we have today, it’s clear people continue to desire the Greater Nashville area as a prime destination for housing. Some of the factors contributing to the growth are, low-interest rates and consumers relocating to Nashville as remote working options are more available."

A comparison of sales by category for July is:

 

2019

 

2020

 

CLOSINGS

4,189

4,703

Residential

3,517

3,953

Condominium

479

506

Multi-Family

24

27

Farms/Land/Lots

169

217

 There were 4,192 sales pending at the end of July, compared to 3,483 pending sales at this time last year. The average number of days on the market for a single-family home was 32 days.

The median price for a residential single-family home was $344,420 and for a condominium, it was $239,900. This compares with last year’s median residential and condominium prices of $316,000 and $227,000 respectively.

Inventory at the end of July was 8,962, down from 11,550  in July 2019.

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

 

2019

 

2020

 

INVENTORY

11,550

8.962

Residential

8,244

6,209

Condominium

916

990

Multi-Family

65

46

Farms/Land/Lots

2,325

1,717

 

 

 

"Inventory remains low across the region. Many homes are selling fast, and the best way to navigate our vibrant local housing market is with a Realtor. More than an app, a Realtor knows your specific market area, understands how to negotiate terms in your best interest contractually, and listens to your needs," added Hairston.

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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