Housing Market Shows Promise

NASHVILLE, Tenn. (May 7, 2020) – There were 2,887 home closings reported for the month of April, according to figures provided by Greater Nashville Realtors. This figure indicates a 17 percent decrease from the 3,479 closings reported for the same period last year.  

“We are seeing the remaining effects of COVID-19 as it relates to the real estate market with a slight decrease of overall sales compared to last year,” said Kristy Hairston, Greater Nashville Realtors president. “What’s important to keep in mind is the reduction in total sales, the Greater Nashville area is doing much better than other markets which have seen sales plummet during this time. Locally, consumers are still buying and selling homes, which is evident in 3,050 pending closings for May, which is promising.”

A comparison of sales by category for April is:

 

Year

2019

2020

CLOSINGS

3,479

2,887

Residential

2,855

2,480

Condominium

417

286

Multi-Family

21

9

Farm/Land/Lots

186

112

There were 3,050 sales pending at the end of April, compared to 3,833 pending sales at this time last year. The average number of days on the market for a single-family home was 32 days. “We will continue to monitor pending sales as they dictate how many active buyers and sellers are engaging in the market despite job uncertainty in local businesses and out of state relocations due to traveling restrictions in some areas,” added Hairston.

The median price for a residential single-family home was $330,000 and for a condominium it was $228,500. This compares with last year’s median residential and condominium prices of $306,970 and $229,990 respectively.

Inventory at the end of April was 9,976 down from 11,627 in April 2019.

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

Year

2019

2020

INVENTORY

11,627

9,976

Residential

8,253

7,074

Condominium

960

885

Multi-Family

78

54

Farm/Land/Lots

2,336

1,963

 

“While we have seen market factors temporarily decrease because of the effects of storms and COVID-19, what is promising is days on the market are decreasing while home sale prices are increasing in many areas. For the first time in a few weeks, we have seen an uptick in showings of homes within various areas and price ranges. Based on these factors, when we move towards a new normal, all indicators point to a market rebound later this year. Realtors are working hard to drive the market forward by consulting clients on the current trends of their local real estate market while doing our part to make sure that we are keeping the community safe by obeying CDC guidelines. Realtors are committed to serving clients and our community,” 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.

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

View the April 2020 Market Data Infographic | PDF