When we started 2020, all signs pointed to it being a great year, but shortly after that, we learned 2020 was going to be a challenge. So many things have changed, some good and some bad. After a rough second quarter, the housing market has recovered nicely, and continues with positive gains. The uptick in closings means that buyers are still in the market for homes despite needing to make decisions faster about which home to purchase due to low inventory and rising competition. The Greater Nashville area remains increasingly attractive to consumers looking to relocate to our great city. With remote work being a part of our daily lives, we can expect to see buyers change their home location preferences.
There were 4,336 home closings in the Greater Nashville Region reported for the month of September, according to figures provided by Greater Nashville REALTORS®. This figure represents a 17 percent increase compared to the 3,704 closings in September 2019.
Data for the third quarter of 2020 showed 13,419 closings, up 12 percent from the 12,030 closings during the same period of 2019.
There were 3,799 sales pending at the end of September, compared with 3,181 pending sales at this time last year. The average number of days on the market for a single-family home was 29 days.
The median residential price for a single-family home during September was $348,000, and for a condominium it was $245,000. This compares with last year’s median residential and condominium, prices of $318,000 and $236,000, respectively.
Inventory at the end of September was 7,847, a decrease from 11,447 in September 2019.
As we round out the third quarter, we have seen a 2 percent increase in sales year-to-date. Inventory remains low across the region. Lower inventory coupled with low interest rates makes for a competitive market for buyers in some areas. Making the choice to use a Realtor to navigate our thriving market will set buyers and sellers up for success on their home buying and selling journey. As the market continues to thrive, having a Realtor is key. More than an app, a Realtor knows the market trends and that is definitely an asset.