Drop in Closings Show a Need for New Construction
NASHVILLE, Tenn. (August 10, 2021) – Data for the month of July showed 4,314 home closings, according to figures provided by Greater Nashville Realtors. This figure indicates an 8 percent decrease from the 4,677 closings reported for the same period last year.
“In the past, we’ve always viewed a decrease in sales as a negative point,” said Brian Copeland, Greater Nashville Realtors president. “In this case, for many buyers and Realtors, this is a welcomed statistic. We’ve had so many stock shortages, it’s inevitable that sales will decrease proportionately."
There were 3,365 sales pending at the end of July, compared to 4,192 pending sales at this time last year. The average number of days on the market for a single-family home was 22 days.
The median price for a residential single-family home was $415,075 and for a condominium, it was $292,735. This compares with last year’s median residential and condominium prices of $343,968 and $239,900 respectively.
Inventory at the end of July was 5,097 down from 8,962 in July 2020.
“Inventory is a major driver of closings being down for this month,” Copeland added. “Until we can get more new construction units coming out of the ground and a stable flow of sellers listing their existing homes, we will continue in this shortage. With COVID’s resurgence, it will be a critical few months for real estate inventory.”
The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.
Source: Greater Nashville REALTORS®