Indicators Show Positive Market Moving Forward

Indicators Show Positive Market Moving Forward

 

NASHVILLE, Tenn. (June 9, 2020) – There were 3,267 home closings reported for the month of May, according to figures provided by Greater Nashville Realtors. This figure indicates a 22 percent decrease from the 4,172 closings reported for the same period last year.  

 

“We are still dealing with some of the after-effects of the instability of the job market during the second quarter due to COVID-19,” said Kristy Hairston, Greater Nashville Realtors president. “A key point to remember is the Greater Nashville area is still out producing other large metro areas where some housing markets have stalled. Our local consumers are still buying and selling homes, which is evident with the over 4,000 pending sales at the end of May. While we are waiting for more sellers to return to the market now that the economy is opening up in some areas, on the national level, there is an uptick in home improvement projects, according to the National Association of Realtors. This uptick leads us to believe that more sellers will return to the market with an updated home.”

A comparison of sales by category for May is:

Year

2019

2020

CLOSINGS

4,172

3,267

Residential

3,461

2,759

Condominium

473

325

Multi-Family

41

16

Farm/Land/Lots

197

167

 

 

 

There were 4,085 sales pending at the end of May, compared to 3,940 pending sales at this time last year. The average number of days on the market for a single-family home was 31 days.

The median price for a residential single-family home was $329,900 and for a condominium it was $225,000. This compares with last year’s median residential and condominium prices of $318,000 and $232,000 respectively.

Inventory at the end of May was 10,001 down from 11,576 in May 2019.

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

 

Year

2019

2020

INVENTORY

11,576

10,001

Residential

8,254

7,086

Condominium

982

1,001

Multi-Family

72

48

Farm/Land/Lots

2,268

1,866

 

 “While inventory may be lower than last year, we do see more homes coming on to the market than in previous months, which is exciting. Lower inventory means consumers need to prepare themselves for multiple offer situations. Even though it appears complicated, multiple offers are not something to fear. Working with a Realtor is the best option for consumers to navigate our ever-changing market,” added Hairston.

June marks National Homeownership Month, which recognizes the value of homeownership to individuals, families, communities and the nation’s economy. Realtors are on a mission to protect homeownership rights for all consumers, That’s Who We “R,” Realtors.

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 May 2020 Indicator Report 

May 2020 Social Media Graphic