July's Numbers Are In! Home Sales Reach Historic High!

NASHVILLE, Tenn. (August 7, 2020) – There were 4,703 home closings reported for the month of July according to figures provided by Greater Nashville REALTORS®. This figure is up 12 percent from the 4,189 closings reported for the same period last year.

“Homes sales continue to rise in the Greater Nashville region,” said Kristy Hairston, Greater Nashville REALTORS® president. “It’s encouraging to see these numbers continue to rise despite the constant change in our economy. In June, we started to see the market stabilize, and with the data we have today, it’s clear people continue to desire the Greater Nashville area as a prime destination for housing. Some of the factors contributing to the growth are, low-interest rates and consumers relocating to Nashville as remote working options are more available."

A comparison of sales by category for July is:
  2019
2020
CLOSINGS 4,189 4,703
Residential  3,517 3,953
Condominium 479 506
Multi-Family 24 27
Farms/Land/Lots 169 217

There were 4,192 sales pending at the end of July, compared to 3,483 pending sales at this time last year. The average number of days on the market for a single-family home was 32 days.

The median price for a residential single-family home was $344,420 and for a condominium, it was $239,900. This compares with last year’s median residential and condominium prices of $316,000 and $227,000 respectively.

Inventory at the end of July was 8,962, down from 11,550 in July 2019.

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

INVENTORY 11,550 8,962
Residential 8,244 6,209
Condominium 916 990
Multi-Family  65 46
Farms/Land/Lots 2,325 1,717
"Inventory remains low across the region. Many homes are selling fast, and the best way to navigate our vibrant local housing market is with a Realtor. More than an app, a Realtor knows your specific market area, understands how to negotiate terms in your best interest contractually, and listens to your needs," added Hairston.

For more information about market data, visit greaternashvillerealtors.org
  
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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