Middle Tennessee Housing Market Remains Steady Going into New Year
NASHVILLE, Tenn. (Jan. 11, 2022) – Final numbers for 2021 indicate there were 47,172 homes sold in the region, compared to the 44,850 closings in 2020. The total sales for 2021 were up 5 percent.
Home sales hit 4,305 closings for December, according to data provided by Greater Nashville REALTORS®. This figure is up 1 percent from the 4,252 closings reported for the same period last year.
Fourth-quarter closings were 12,379 for the Middle Tennessee area. That total is an 0.5 percent increase from the 12,310 closings during the fourth quarter of 2020.
“In spite of the ongoing inventory problem, Greater Nashville real estate sales remain resilient throughout 2021 and ended the year on a positive note," said Steve Jolly, Greater Nashville Realtors president.
There were 2,392 sales pending at the end of December, compared with 2,622 pending sales at this time last year. The average number of days on the market for a single-family home was 30 days.
The median price for a residential single-family home was $437,362 and for a condominium, it was $298,918. This compares with last year’s median residential and condominium prices of $345,000 and $245,000, respectively.
Inventory at the end of December was 3,624 down from 5,722 in December 2020.