house with for sale sign

Data for the month of August showed 4,288 home closings, according to figures provided by Greater Nashville Realtors. This figure indicates a 2 percent decrease from the 4,380 closings reported for the same period last year.

“With stock being low throughout June and July, August’s numbers are feeling the brunt of that shortage,” said Brian Copeland, Greater Nashville Realtors president. “With sellers deciding more and more to list and move, we’re hopeful inventory will improve over the next few months.”

A comparison of sales by category for August is:

2020 2021

 

CLOSINGS 4,380 4,288
Residential 3,638 3,479
Condominium 493 550
Multi-Family 21 32
Farms/Land/Lots 228 227

 

There were 3,628 sales pending at the end of August, compared to 4,220 pending sales at this time last year. The average number of days on the market for a single-family home was 23 days.

The median price for a residential single-family home was $415,000 and for a condominium, it was $290,400. This compares with last year’s median residential and condominium prices of $346,172 and $242,500 respectively.

Inventory at the end of August was 5,246 down from 8,459 in August 2020.

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

2020 2021

 

INVENTORY 8,459 5,246
Residential 5,749 3,321
Condominium 1,068 611
Multi-Family 45 70
Farms/Land/Lots 1,597 1,244

“With inventory levels remaining low and new construction not entering the marketplace as rapidly, we will remain in this seller’s market strongly into autumn and likely beyond,” Copeland added.

About Us Greater Nashville REALTORS®
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.