Housing Market Indicators Show Now is the Time to Enter the Market!

NASHVILLE, Tenn. (November 8, 2021) – Data for the month of October showed 4,047 home closings, according to figures provided by Greater Nashville Realtors. This figure indicates a 7 percent decrease from the 4,364 closings reported for the same period last year.  

“October signals the period when summer travel is over, kids are fully settled into schools, and real estate activity breathes a bit,” said Brian Copeland, Greater Nashville Realtors president. “We are still experiencing a new construction and resale shortage. That is clear.”

There were 3,976 sales pending at the end of October, compared to 3,819 pending sales at this time last year. The average number of days on the market for a single-family home was 27 days.

The median price for a residential single-family home was $429,900 and for a condominium, it was $295,990. This compares with last year’s median residential and condominium prices of $349,000 and $245,000 respectively.

Inventory at the end of October was 5,260 down from 7,457 in October 2020.

“We’re seeing more sale of home contingencies in offers,” Copeland added. “This signals that those who have been waiting to list their homes are slowly coming to the market. The vast majority of offers do not have that contingency, but if there ever was a time for someone who needs to sell to jump into the market, this is it.”

The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.

Greater Nashville REALTORS®