Data for the month of July showed 4,314 home closings according to figures provided by Greater Nashville REALTORS®. This figure indicates an 8 percent decrease from the 4,677 closings reported for the same period last year.
“In the past, we’ve always viewed a decrease in sales as a negative point,” said Brian Copeland, Greater Nashville Realtors president. “In this case, for many buyers and Realtors, this is a welcomed statistic. We’ve had so many stock shortages, it’s inevitable that sales will decrease proportionately.”
A comparison of sales by category for July is:
There were 3,365 sales pending at the end of July, compared to 4,192 pending sales at this time last year. The average number of days on the market for a single-family home was 22 days.
The median price for a residential single-family home was $415,075 and for a condominium, it was $292,735. This compares with last year’s median residential and condominium prices of $343,968 and $239,900 respectively.
Inventory at the end of July was 5,097, down from 8,962 in July 2020.
The current inventory of properties by category, compared to last year, is:
“Inventory is a major driver of closings being down for this month,” Copeland added. “Until we can get more new construction units coming out of the ground and a stable flow of sellers listing their existing homes, we will continue in this shortage. With COVID’s resurgence, it will be a critical few months for real estate inventory.”
About Us: Greater Nashville REALTORS® is one of 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.