Nashville-area home sales increased 11 percent in June from the mark of the same month in 2020 — with inventory number ticking up a bit.
June’s numbers come after a May and April that enjoyed surges of 24 percent and 43 percent, respectively, compared to the prior-year figures. Specifically, Greater Nashville Realtors said in a release there were 4,649 residential property closings in June, up from the 4,191 closings in the same month of last year.
For comparison, there were 4,063 residential property closings in May, up from the 3,267 closings in the same month of 2020 — when the COVID-19 pandemic was negatively impacting economy.
In addition, 3,608 sales were pending at the end of June compared to 4,648 sales pending from the same month in 2020 (with the drop attributable to inventory levels that still need addressing).
The median price for a single-family home continues to climb as demand remains strong and for-sale residences see prospective buyers bid up the offering prices: In June, the median price was $415,000, up from the $331,448 average mark in the same month of a year earlier. For a condominium, the median price was $292,570, up from $243,990 for June 2020.
Data for the just-ended second quarter of 2021 showed 12,831 closings, up 24 percent from the 10,345 closings during the second quarter of 2020.
Middle Tennessee’s lack of housing inventory remains a concern, but there is some improvement, according to GNR. At the end of June, inventory was 4,615, versus 9,682 in June 2020. For comparison, at the end of May, inventory was 4,308.
The average number of days on the market for a single-family home in June was 27. In May, it was 35, an uptick of sorts. In April, the figure was 26 days, with March seeing 27 days.
“For the first time since March, we saw weekly inventory at levels above the average during June,” Brian Copeland, GNR president, said in the release. “It will be interesting to see what July’s numbers say with pending’s down. 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 [numbers].”
The data collected represents figures from nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.
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