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Home Sales Up for March in Nashville

Posted by Meghan Caldwell on April 24, 2020
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The Nashville real estate market remains steady closing out the first quarter according to the latest report from Greater Nashville REALTORS®. We saw 3,346 home sales for the month of March. These numbers were up slightly at 3.4% from the 3,237 home sales we saw this time last year. The average price for a single-family home in March also saw an increase of 8.2% with an average of $330,000. The average condo sales price was $240,238 which was an increase at 7.7%.

 Although inventory and pending sales are down by 14.2% and 0.6% respectively, average days on market decreased 1 day. We remain confident that the market will continue its upward momentum even in these difficult times.


 

Current Home Values

The median residential price for a single-family was $330,000 and for condos, it was $240,238. This compares to last year’s median residential prices of $305,000 and condo prices of $223,000.

Real Estate Closings by Category

20192020
CLOSINGS3,2373,346
Residential2,7032,833
Condominium361350
Multi-Family2512

Quotes From GNAR President

“It is exciting to see that despite uncertain times, we are still seeing continued increases in home sales, said Kristy Hairston, Greater Nashville Realtors® president.” Consumers need to know; Realtors® are working hard to help people achieve the dream of homeownership.”

What’s Pending?

There were 3,139 sales pending sales at the end of March. This was an increase from the 3,158 pending sales we observed last year.  The average number of days on the market for a single-family home was 37 days.

Available Inventory

Inventory at the end of March was lower with a reported 9,667 available homes in comparison to the 11,276 in March 2019.

20192020
INVENTORY11,2769,667
Residential7,9416,815
Condominium965862
Multi-Family8154
Farms/Land/Lots2,2701,928

 

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