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Pending Sales Up Significantly for June in Nashville

Posted by Meghan Caldwell on July 20, 2020
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According to the latest market report from the Greater Nashville REALTORS®, there were 4,191 home sales for the month of June–a 0.5% increase from the 4,172 home sales this time last year. We also saw an impressive 27.5% increase in pending sales. Meanwhile, the average price of a single-family home increased by 3.6% to $331,448 and the average condo sales price increased by 5.3% to $243,990.

Inventory is down 16.6% and the average days on market are unchanged. We are hopeful that the trend this buying season will continue upward.

 

Current Home Values

The median residential price for a single-family was $331,448 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
CLOSINGS4,1724,191
Residential3,5293,478
Condominium451479
Multi-Family2425

Quotes From GNAR President

“For the first time in three months, the market shows strong signs of stabilizing,” said Kristy Hairston, Greater Nashville Realtors president. “A 0.5 percent increase from last year is exciting and shows us that our buyer’s housing demand is strong. While it’s apparent the uncertainty of the last few months affected the market during the second quarter, we see that trend changing.”

What’s Pending?

There were 4648 sales pending sales at the end of June. This was an increase from the 3645 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 June was lower, with a reported 9682 available homes in comparison to 11,610 in June 2019.

20192020
INVENTORY11,82310,345
Residential9,8458,717
Condominium1,3411,090
Multi-Family8650
Farms/Land/Lots551488

 

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