Why You Need to Hire a Realtor to Sell Your Home

There were 4,336 home closings in the Greater Nashville Region reported for the month of September, according to figures provided by Greater Nashville REALTORS®. This figure represents a 17 percent increase compared to the 3,704 closings in September 2019.

Data for the third quarter of 2020 showed 13,419 closingsup 12 percent from the 12,030 closings during the same period of 2019.

“The housing market has recovered nicely, and continues with positive gains. The uptick in closings means that buyers are still in the market for homes despite the low inventory,” said Kristy Hairston, Greater Nashville REALTORS® president. “The Greater Nashville area remains increasingly attractive to consumers looking to relocate to our great city. With remote work being a part of our daily lives, we can expect to see change in their home location preferences.”

A comparison of sales by category for September is:

2019 2020
CLOSINGS 3,704 4,336
 Residential 3,048 3,517
 Condominium 457 552
 Multi-Family 21 19
 Farms/Land/Lots 178 248

A comparison of sales by category for the third quarter:

2019 2020
CLOSINGS 12,030 13,419
 Residential 10,081 11,108
 Condominium 1,349 1,551
 Multi-Family 77 67
 Farms/Land/Lots 523 693

A comparison of sales by category year-to-date is:

2019 2020
CLOSINGS 31,900 32,540
 Residential 26,603 27,129
 Condominium 3,599 3,611
 Multi-Family 225 182
 Farms/Land/Lots 1,473 1,618

There were 3,799 sales pending at the end of September, compared with 3,181 pending sales at this time last year. The average number of days on the market for a single-family home was 29 days.

The median residential price for a single-family home during September was $348,000, and for a condominium it was $245,000. This compares with last year’s median residential and condominium, prices of $318,000 and $236,000, respectively.

Inventory at the end of September was 7,847, a decrease from 11,447 in September 2019.

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

2019 2020
INVENTORY 11,447 7,847
 Residential 8,185 5,195
 Condominium 895 1,048
 Multi-Family 62 53
 Farms/Land/Lots 2,305 1,551

 

“As we round out the third quarter, we have seen a 2 percent increase in sales year-to-date. Inventory remains low across the region.  Lower inventory coupled with low interest rates makes for a competitive market for buyers in some areas. Choosing to use a Realtor to navigate our thriving market will set buyers and sellers up for success on their home buying and selling journey,” added Hairston.

About Us: Greater Nashville REALTORS® is 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.