Just three months ago, the housing market hit a historic low due to COVID-19. Many were concerned about the lasting impact this pandemic would have, yet here we are in one of the strongest housing markets of our time.
Over the last three months, we've seen continued growth in homes sales across the region. An increase in corporate relocation, second home purchases, and emerging first-time buyers, coupled with low-interest rates, continue to make Middle Tennessee a market recovery leader. With another month of high pending sales, September could bring a strong third quarter.
It's evident consumers are still buying and selling homes and at rapid rates. Demand for homes in Greater Nashville is at an all-time high. For buyers, this means taking advantage of historically low mortgage rates and leveraging a strong offer when buying a home.
There were 4,380 home closings reported for the month of August according to figures provided by Greater Nashville REALTORS®. This figure is up six percent from the 4,140 closings reported for the same period last year.
There were 4,220 sales pending at the end of August, compared to 3,561 pending sales at this time last year. The average number of days on the market for a single-family home was 27 days.
The median price for a residential single-family home was $346,172 and for a condominium, it was $242,500. This compares with last year's median residential and condominium prices of $315,862 and $232,900 respectively. Inventory at the end of August was 8,459 down from 11,460 in August 2019.
Residential housing inventory remains low across the region due to a decreased amount of available homes for sale in various areas. Lack of housing supply means homes that are priced right are selling fast. If you are looking to navigate our vibrant, local housing market, it is imperative to use a Realtor. More than an app, a Realtor knows the market and adheres to a strict code of ethics, thus ensuring you have accurate information allowing customers to make the best decision regarding their housing needs.