Homes Selling at Rapid Speed Despite Inventory Shortages

Real Estate Leadership Award Williamson Business Leadership Award

Data for the month of March showed 3,787 home closings, according to figures provided by Greater Nashville Realtors®. This figure indicates a 13 percent increase from the 3,346 closings reported for the same period last year.

Data for the first quarter of 2021 showed 9,338 closings, a 6 percent increase from the 8,776 closings during the first quarter of 2020.

“With Nashville inventory shortages, these data points may seem incongruent. It’s important to note that our numbers represent many counties outside of Davidson County, also. The properties that are coming to the market are selling quickly, leaving fewer homes in the ‘inventory’ category for those buyers who aren’t ready to make the jump yet,” said Brian Copeland, Greater Nashville Realtors president.

A comparison of sales by category for March is:

Year 2020 2021
CLOSINGS 3,346 3,787
Residential 2,833 3,017
Condominium 350 509
Multi-Family 12 26
Farm/Land/Lots 151 235

 

A comparison of sales by category for the first quarter/year-to-date is:

Year 2020 2021
CLOSINGS 8,776 9,338
Residential 7,304 7,496
Condominium 970 1,220
Multi-Family 65 72
Farm/Land/Lots 437 550

 

There were 3,899 sales pending at the end of March, compared to 3,139 pending sales at this time last year. The average number of days on the market for a single-family home was 27 days.

The median price for a residential single-family home was $367,090 and for a condominium it was $259,900. This compares with last year’s median residential and condominium prices of $330,000 and $240,238 respectively.

Inventory at the end of March was 4,504 down from 9,677 in March 2020.

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

Year 2020 2021
INVENTORY 9,677 4,504
Residential 6,815 2,627
Condominium 862 709
Multi-Family 54 55
Farm/Land/Lots 1,946 1,113

 

“Listing inventory continues to be an issue for area Realtors and buyers. We saw an uptick in inventory after the snowstorm; however, the listing numbers fell to well below average shortly after and have not climbed to a sustaining level. Anecdotally, we are contributing this to the desire for sellers to stay in the area yet not being able to find suitable housing at a price point that makes sense for them,” added Copeland.

About Greater Nashville REALTORS®
The Greater Nashville REALTORS® 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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