Homes Sales Rise Moving Into Summer
NASHVILLE, Tenn. (June 8, 2021) – Data for the month of May showed 4,063 home closings, according to figures provided by Greater Nashville Realtors. This figure indicates a 24 percent increase from the 3,267 closings reported for the same period last year.
“This type of increase shows how quickly our area’s home inventory is going under contract and closing," said Brian Copeland, Greater Nashville Realtors president. "Buyers must remember, there are great homes out there. You can’t sit on the sidelines as prices and interest rates rise, but you have to make quicker decisions than prior markets.”
There were 3,778 sales pending at the end of May, compared to 4,085 pending sales at this time last year. The average number of days on the market for a single-family home was 35 days.
The median price for a residential single-family home was $400,000 and for a condominium, it was $277,900. This compares with last year’s median residential and condominium prices of $329,900 and $225,000 respectively.
Inventory at the end of May was 4,308 down from 10,001 in May 2020.
“The lack of inventory is staggering. Realtors are doing everything we can to bring fresh properties to the marketplace. I encourage every homeowner to reach out to their Realtor to see what their home could potentially sell for. We rarely see prime selling windows like this one,” added Copeland.
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.
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®