Home Sales Increase Again for February

(Mar. 9, 2020) – There were 2,798 home closings reported for the month of February, according to figures provided by Greater Nashville REALTORS®. This figure is up 10 percent from the 2,536 closings reported for the same period last year.         

 

“Our housing market is continuing to stay on a steady accent forward compared to 2019," said Kristy Hairston, Greater Nashville Realtors® president. “Median home sale prices also continue to rise, which is on trend with other markets across the nation."

 

A comparison of sales by category for Feb. is:

 

 

2019

2020

 

CLOSINGS

2,536

2,798

Residential

2,086

2,319

Condominium

301

321

Multi-Family

19

27

Farms/Land/Lots

130

131

 

There were 3,504 sales pending at the end of February, compared to 2,974 pending sales at this time last year. The average number of days on the market for a single-family home was 39 days.

 

The median price for a residential single-family home was $320,000 and for a condominium it was $234,990. This compares with last year’s median residential and condominium prices of $294,486 and $214,900 respectively.

 

Inventory at the end of February was 9,093, down from 10,745 in February 2019.

 

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

 

 

2019

2020

 

INVENTORY

10,745

9,093

Residential

7,474

6,330

Condominium

932

784

Multi-Family

69

51

Farms/Land/Lots

2,270

1,928

 

 

 

Inventory continues to revert to trend, which is consistent with national findings. With the recent tragedy that shook our great city, some homes in active inventory were affected. As we begin to rebuild our city, we want consumers to be very cautious if approached by investors wishing to purchase their homes. If someone offers to buy your home, please contact a Realtor® to ensure you are getting a fair price for your home," added Hairston.

 

The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.

 

                                                                             View the February 2020 Market Data Infographic | PDF