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Home Sales Down for May in Nashville

Posted by Meghan Caldwell on June 18, 2020
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The latest home sales report from the Greater Nashville REALTORS® revealed 3,267 home sales for May–a 22% decrease from the 4,172 home sales this time last year. This was not a huge surprise as every industry was hit hard during the peak of the pandemic, but the market has responded very strongly as we saw a 4% increase in pending sales. There was also a 4% increase in the average price of a single-family home, up to $329,000. The average condo sales price was $225,000, which was a slight 3% decrease.

Inventory was down 14% and pending sales were up by 4%. The average days on market decreased by 1 day. 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 $329,900 and for condos, it was $225,000. This compares to last year’s median residential prices of $318,000 and condo prices of $232,000.

Real Estate Closings by Category

20192020
CLOSINGS4,1723,267
Residential3,4612,759
Condominium473325
Multi-Family4116

Quotes From GNAR President

“We are still dealing with some of the after-effects of the instability of the job market during the second quarter due to COVID-19,” said Kristy Hairston, Greater Nashville Realtors president. “A key point to remember is the Greater Nashville area is still out producing other large metro areas where some housing markets have stalled. Our local consumers are still buying and selling homes, which is evident with the over 4,000 pending sales at the end of May. While we are waiting for more sellers to return to the market now that the economy is opening up in some areas, on the national level, there is an uptick in home improvement projects, according to the National Association of Realtors. This uptick leads us to believe that more sellers will return to the market with an updated home.”

What’s Pending?

There were 4085 sales pending sales at the end of May. This was an increase from the 3940 pending sales we observed last year.  The average number of days on the market for a single-family home was 31 days.

Available Inventory

Inventory at the end of April was lower, with a reported 10,001 available homes in comparison to 11,576 in May 2019.

20192020
INVENTORY11,57610,001
Residential8,2547,086
Condominium9821,001
Multi-Family7248
Farms/Land/Lots2,2681,866

 

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