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Increases Are Solid For February 2020

Posted by Wesley Willoughby on Friday, March 13, 2020 at 9:17 AM By Wesley Willoughby / March 13, 2020 Comment
There were 2,798 home closings reported for the month of February, according to figures provided by Greater Nashville Realtors®. This figure is up 10 percent from the 2,536 closings this time last year. 

"Our housing market continues to stay on a steady ascent going forward compared to 2019," said Kristy Hairston, Greater Nashville Realtors® president. "Median home sale prices also continue to rise, which is on trend with other markets across the nation."

A comparison of sales by category for February is: 
  2019
  2020
CLOSINGS
 2,536  2,798
Residential 
 2,086  2,319
Condominium
 301  321
Multi-Family 19  27
Farms/Land/Lots 130
  131
There were 3,504 sales pending at the end of February, compared to 2,974 pending sales at this time last year. The average number of days on the market for a single-family home was 39 days.

The median price for a residential single-family home was $320,000 and for a condominium it was $234,990. This compares with last year’s median residential and condominium prices of $294,486 and $214,900 respectively.

Inventory at the end of February was 9,093, down from 10,745 in February 2019. 

The current inventory of properties by category, compared to last year, is:
  2019
 2020
INVENTORY 10,745 9,093
Residential 7,474 6,330
Condominium 932 784
Multi-Family  69 51
Farms/Land/Lots 2,270 1,928

“With the recent tornadoes that shook our great city damaging homes and businesses, many people will have to make the decision to either renovate or sell their property as is. We encourage consumers to do their due diligence and contact a Realtor to help them choose which path is the right option for them. If someone offers to buy your home, a Realtor® can ensure you are getting accurate information of current market conditions for your property," 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.

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