Despite Uncertain Times, 2020 Housing Market Thrived
NASHVILLE, Tenn. (Jan. 7, 2021) – Final numbers for 2020 indicate there were 44,850 homes sold in the region, compared to the 42,356 closings in 2019, the total sales for 2020 were up 6 percent.
Home sales hit 4,252 closings for December, according to data provided by Greater Nashville REALTORS®. This figure is up 22 percent from the 3,482 closings reported for the same period last year.
Fourth quarter closings were 12,310 for the Middle Tennessee area. That total is an 18 percent increase from the 10,456 closings during the fourth quarter of 2019.
“The figures we are sharing today remind us that even during our most challenging times, a home remains an important and essential part of everyone’s life,” said Brian Copeland, Greater Nashville Realtors president. “A thriving real estate market strengthens our local economy. We must continue to be sensitive to the impact of civil unrest, COVID -19, tornadoes and the Christmas Day explosion have made on our community. 2020 has proven that during times of uncertainty, home and family remain our most cherished safe haven. Regardless of the challenges that lie ahead, Realtors will continue to safeguard the foundation of our Greater Nashville community,”
There were 2,622 sales pending at the end of December, compared with 2,114 pending sales at this time last year. The average number of days on the market for a single-family home was 26 days.
The median price for a residential single-family home was $345,000 and for a condominium it was $245,000. This compares with last year’s median residential and condominium prices of $324,000 and $269,900, respectively.
Inventory at the end of December was 5,722 down from 9,365 in December 2019.