June's Numbers Are In and The Market is Up!
Posted by Wesley Willoughby on Friday, July 10, 2020 at 11:10 AM
By Wesley Willoughby / July 10, 2020
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NASHVILLE, Tenn. (July 8, 2020) – There were 4,191 home closings reported for the month of June, according to figures provided by Greater Nashville REALTORS®. This figure is up 0.5 percent from the 4,172 closings reported for the same period last year.
“For the first time in three months, the market shows strong signs of stabilizing,” said Kristy Hairston, Greater Nashville Realtors president. “A 0.5 percent increase from last year is exciting and shows us that our buyer’s housing demand is strong. While it’s apparent the uncertainty of the last few months affected the market during the second quarter, we see that trend changing.”
Data for the second quarter of 2020 showed 10,345 closings, down 12 percent from the 11,823 closings during the second quarter of 2019.
A comparison of sales by category for June is:
| 2019 |
2020 |
|
| CLOSINGS | 4,172 | 4,191 |
| Residential | 3,529 | 3,478 |
| Condominium | 451 | 479 |
| Multi-Family | 24 | 25 |
| Farms/Land/Lots | 168 | 209 |
A comparison of sales by category for the second quarter are:
| 2019 |
2020 |
|
| CLOSINGS | 11,823 | 10,345 |
| Residential | 9,845 | 8,717 |
| Condominium | 1,341 | 1,090 |
| Multi-Family | 86 | 50 |
| Farms/Land/Lots | 551 | 488 |
2020 midyear report:
| 2019 YTD |
2020 YTD |
|
| CLOSINGS | 19,870 | 19,121 |
| Residential | 16,522 | 16,021 |
| Condominium | 2,250 | 2,060 |
| Multi-Family | 148 | 115 |
| Farms/Land/Lots | 950 | 925 |
There were 4,648 sales pending at the end of June, compared to 3,645 pending sales at this time last year. The average number of days on the market for a single-family home was 32 days. “The number of pending sales is unprecedented, and with over 4,600 pending sales, we could see the market hold strong in July. The rising median home sales price, continues to indicate a shortage of housing inventory in some areas,” added Hairston.
The median price for a residential single-family home was $331,448 and for a condominium it was $243,990. This compares with last year’s median residential and condominium prices of $319,990 and $231,689 respectively.
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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