Home Sales Continue to Rise Despite Uncertainty

Home Sales Continue to Rise Despite Uncertainty

 

NASHVILLE, Tenn. (Apr. 7, 2020) – There were 3,346 home closings reported for the month of March, according to figures provided by Greater Nashville REALTORS®. This figure indicates a 3.4 percent increase from the 3,237 closings reported for the same period last year.  

 

Data for the first quarter of 2020 showed 8,776 closings, a 9.1 percent increase from the 8,047 closings during the first quarter of 2019.

 

“It is exciting to see that despite uncertain times, we are still seeing continued increases in home sales, said Kristy Hairston, Greater Nashville Realtors® president.” Consumers need to know; Realtors® are working hard to help people achieve the dream of homeownership.”

 

A comparison of sales by category for March is:

 

Year

2019

2020

CLOSINGS

3,237

3,346

Residential

2,703

2,833

Condominium

361

350

Multi-Family

25

12

Farm/Land/Lots

148

151

 

A comparison of sales by category for the first quarter/year-to-date is:

 

Year

2019

2020

CLOSINGS

8,047

8,776

Residential

6,677

7,304

Condominium

909

970

Multi-Family

62

65

Farm/Land/Lots

399

437

There were 3,139 sales pending at the end of March, compared to 3,158 pending sales at this time last year. The average number of days on the market for a single-family home was 37 days.

 

The median price for a residential single-family home was $330,000 and for a condominium it was $240,238. This compares with last year’s median residential and condominium prices of $305,000 and $223,000 respectively.

 

Inventory at the end of March was 9,677 down from 11,276 in March 2019.

 

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

 

Year

2019

2020

INVENTORY

11,276

9,677

Residential

7,941

6,815

Condominium

965

862

Multi-Family

81

54

Farm/Land/Lots

2,289

1,946

“April is recognized nationally as Fair Housing Month. Realtors are long-

“April is recognized nationally as Fair Housing Month. Realtors are long-standing proponents of equal opportunity in housing and will continue working to ensure quality housing is available for all. Now more than ever, Realtors are committed to ensuring Fair Housing remains available for all,” 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.

 

View the March 2020 Market Data Infographic | PDF