Home Sales Increase Again in February

NASHVILLE, Tenn. (Mar. 9, 2021) – According to Greater Nashville Realtors, home sales closed out at 2,919 closings reported for the month of February. This figure is up 4 percent from the 2,798 closings this time last year.

“We’ve seen a jump on the spring market by buyers who are taking advantage of lower interest rates and avoiding the stereotypical busy warm weather rush to buy,” said Brian Copeland, Greater Nashville Realtors president. “With low vacancy rates in rentals, we do not see a drastic rise in multi-family properties available on the market. This lack of multiplex inventory has caused many investors to enter the single-family home market.”

 A comparison of sales by category for February is: 

 
2020
2021
CLOSINGS
2,798
2,919
Residential
2,319
2,327
Condominium
321
412
Multi-Family
27
20
Farms/Land/Lots
131
160

There were 3,229 sales pending at the end of February, compared to 3,504 pending sales at this time last year. The average number of days on the market for a single-family home was 28 days.

The median price for a residential single-family home was $357,150 and for a condominium it was $255,495. This compares with last year’s median residential and condominium prices of $320,000 and $234,900 respectively.

Inventory at the end of February was 4,477, down from 9,093 in February 2020.

The current inventory of properties by category, compared to last year, is:

2020
2021
INVENTORY
9,093
4,477
Residential
6,330
2,507
Condominium
784
763
Multi-Family
51
54
Farms/Land/Lots
1,928
1,153

“These inventory numbers compared to last year are a direct result of sellers not having the options they want in their own marketplace to move and the effect COVID-19 has had on how we remodel and improve our personal homes to make them truly the place we want to be,” added Copeland.

The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.

Source: Greater Nashville Realtors® 

By Published On: March 16th, 2021

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