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Home Sales Down for April in Nashville

Posted by Meghan Caldwell on May 15, 2020
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Nashville’s latest housing numbers for April are in. The report from the Greater Nashville REALTORS® revealed 2,887 home sales for the month, which was a 17% decrease from the 3,479 home sales we saw this time last year. This is not surprising in light of the “Safer at Home” order. However, the average price for a single-family home in April saw a slight increase of 8% with an average of $330,000. The average condo sales price was $228,500, which was a marginal decrease at 0.6%.

 Although inventory and pending sales are down by 14.2% and 20.4% respectively, average days on market decreased by 5 days. Despite the significant decreases for this month, we will continue to be optimistic as we move through the phases of reopening.


 

Current Home Values

The median residential price for a single-family was $330,000 and for condos, it was $228,500. This compares to last year’s median residential prices of $306,970 and condo prices of $229,990.

Real Estate Closings by Category

20192020
CLOSINGS3,4792,887
Residential2,8552,480
Condominium417286
Multi-Family219

Quotes From GNAR President

“We are seeing the remaining effects of COVID-19 as it relates to the real estate market with a slight decrease of overall sales compared to last year,” said Kristy Hairston, Greater Nashville Realtors president. “What’s important to keep in mind is the reduction in total sales, the Greater Nashville area is doing much better than other markets which have seen sales plummet during this time. Locally, consumers are still buying and selling homes, which is evident in 3,050 pending closings for May, which is promising.”

What’s Pending?

There were 3,050 sales pending sales at the end of April. This was an increase from the 3,833 pending sales we observed last year.  The average number of days on the market for a single-family home was 32 days.

Available Inventory

Inventory at the end of April was lower with a reported 9,976 available homes in comparison to the 11,627 in April 2019.

20192020
INVENTORY11,6279,976
Residential8,2537,074
Condominium960885
Multi-Family7854
Farms/Land/Lots2,3361,963

 

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