Annual Home Sales Show Middle Tennessee Housing Market Remains Steady Going into New Year

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Final numbers for 2021 indicate there were 47,172 homes sold in the region, compared to the 44,850 closings in 2020.

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.

A comparison of sales by category for December is:

2020  

2021

 

CLOSINGS 4,252 4,305
Residential 3,445 3,346
Condominium 537 624
Multi-Family 22 35
Farms/Land/Lots 248 300

 

A comparison of sales by category for the fourth quarter is:

 

2020  

2021

 

CLOSINGS 12,310 12,379
Residential 10,041 9,737
Condominium 1,519 1,816
Multi-Family 75 107
Farms/Land/Lots 675 719

 

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

 

2020  

2021

 

CLOSINGS 44,850 47,172
Residential 37,170 37,593
Condominium 5,130 6,535
Multi-Family 257 365
Farms/Land/Lots 2,293 2,679

 

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.

 

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

 

2020  

2021

 

INVENTORY 5,722 3,624
Residential 3,543 2,194
Condominium 840 354
Multi-Family 58 33
Farms/Land/Lots 1,281 1,043

 

“2022 likely brings a new challenge in addition to a lack of inventory: Rising interest rates,” Jolly added. “It’s never been more important to work with a Realtor to help you navigate the obstacles in this tough real estate market.”

For more information about Greater Nashville market data or to schedule an interview, please contact Mitch Turner at 615-254-7516.

About 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.

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