Housing Market Continues to Reach Historic Numbers

October 2020 Home Sales Data

Published Monday, November 9, 2020 12:00 pm

 

NASHVILLE, Tenn. (November 9, 2020) – There were 4,364 home closings reported for the month of October according to figures provided by Greater Nashville REALTORS®. This figure is up 17 percent from the 3,742 closings reported for the same period last year.

"The continued increase in home sales rivals anything we've seen before," said Kristy Hairston, Greater Nashville REALTORS® president. "Much of the influx in home sales stems from more and more companies who continue to expand their work from home policies. Consumers who have the option are leaving larger cities to find more affordable options. The greater Nashville area has many amenities of larger cities and more affordable housing options in some areas. Pending sales also continue to remain strong, which sets the stage for next month."

A comparison of sales by category for October is:

 
2019
2020
CLOSINGS
3,742
4,364
Residential 
3,116
3,535
Condominium
428
555
Multi-Family
23
25
Farms/Land/Lots
175
249

There were 3,819 sales pending at the end of October, compared to 3,127 pending sales at this time last year. The average number of days on the market for a single-family home was 25 days.

The median price for a residential single-family home was $349,000, and for a condominium, it was$245,000. This compares with last year’s median residential and condominium prices of $316,702 and $233,900, respectively.

Inventory at the end of October was 7,457, down from 11,435 in October 2019.

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

 
2019
2020
INVENTORY
11,435
7,457
Residential
8,164
4,883
Condominium
922
1,005
Multi-Family 
62
63
Farms/Land/Lots
2,287
1,506

"Inventory continues to remain low across the region in residential housing. Residents navigating remote working and learning may cause additional delays with new homes coming on the market as the primary focus is on successfully working from home. It's critical for buyers in this market to come to the table with the best possible offer and prepare themselves for multiple offers," added Hairston.

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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