Closings See Major Increase Despite Low Inventory

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There were 4,649 home closings reported for the month of June, according to figures provided by Greater Nashville REALTORS®. This figure indicates an 11 percent increase from the 4,191 closings reported for the same period last year.

“For the first time since March, we saw weekly inventory at levels above the average during June,” said Brian Copeland, Greater Nashville Realtors president. “While inventory remains low, Realtors are working harder than ever to bring quality homes to the market.”

Data for the second quarter of 2021 showed 12,831 closings, up 24 percent from the 10,345 closings during the second quarter of 2020.

A comparison of sales by category for June is:

2020 2021

 

CLOSINGS 4,191 4,649
Residential 3,478 3,746
Condominium 479 631
Multi-Family 25 25
Farms/Land/Lots 209 247

A comparison of sales by category for the second quarter are:

2020 2021

 

CLOSINGS 10,345 12,831
Residential 8,717 10,193
Condominium 1,090 1,787
Multi-Family 50 89
Farms/Land/Lots 488 762

2021 midyear report:

YTD 2020 YTD 2021

 

CLOSINGS 19,121 22,169
Residential 16,021 17,689
Condominium 2,060 3,007
Multi-Family 115 161
Farms/Land/Lots 925 1,312

There were 3,608 sales pending at the end of June, compared to 4,648 pending sales at this time last year. The average number of days on the market for a single-family home was 27 days.

“It will be interesting to see what July’s numbers say with pending’s down,” Copeland added. “Many homes are closing faster than they were this time in 2020 due to the market’s pace and factors caused by COVID-19. I will not be surprised if our July closures exceed July 2020.”

The median price for a residential single-family home was $415,000 and for a condominium, it was $292,570. This compares with last year’s median residential and condominium prices of $331,448 and $243,990 respectively.

Inventory at the end of June was 4,615 down from 9,682 in June 2020.

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

2020 2021

 

INVENTORY 9,682 4,615
Residential 6,825 2,831
Condominium 1,001 546
Multi-Family 49 76
Farms/Land/Lots 1,807 1,162

For more information about market data, visit greaternashvillerealtors.org.

About Us Greater Nashville REALTORS®
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.

 

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