Real Estate: Price Increases Send Clear Message to Jump in the Market Now

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There were 4,022 home closings in the Greater Nashville Region reported for the month of September, according to figures provided by Greater Nashville REALTORS®. This figure represents an 8 percent decrease compared to the 4,388 closings in September 2020.

Data for the third quarter of 2021 showed 12,624 closings, down 5 percent from the 13,371 closings during the same period of 2020.

“A Realtor friend said it best. He calls this time of the year ‘Fall Yawn,’ when the market takes a little rest,” said Brian Copeland, Greater Nashville Realtors president. “We are definitely going to be down from 2020, probably forever. That was a record year, and comparing to it will never be a fair parallel.”

A comparison of sales by category for September is:

 

  2020 2021
CLOSINGS 4,388 4,022
Residential 3,517 3,234
Condominium 552 527
Multi-Family 71 34
Farms/Land/Lots 248 227

 

A comparison of sales by category for the third quarter:

 

  2020 2021
CLOSINGS 13,371 12,624
Residential 11,108 10,167
Condominium 1,551 1,712
Multi-Family 119 97
Farms/Land/Lots 693 648

 

A comparison of sales by category year-to-date is:

 

  2020 2021
CLOSINGS 32,492 34,793
Residential 27,129 27,856
Condominium 3,611 4,719
Multi-Family 234 258
Farms/Land/Lots 1,618

 

1,960

 

There were 3,639 sales pending at the end of September, compared with 3,799 pending sales at this time last year. The average number of days on the market for a single-family home was 23 days.

The median residential price for a single-family home during September was $414,583 and for a condominium, it was $298,000. This compares with last year’s median residential and condominium, prices of $348,000 and $245,000. respectively.

Inventory at the end of September was 5,307, a decrease from 7,847 in September 2020.

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

  2020 2021
INVENTORY 7,847 5,307
Residential 5,195 3,388
Condominium 1,048 607
Multi-Family 53 61
Farms/Land/Lots 1,551 1,251

 

“The price increases should be a clear message to buyers to jump in now before they go even higher,” added Copeland. “One buyer texted me recently and was sad they didn’t buy two years ago. Trust your Realtor. When we say ‘Now is the time,’ we are serious.”

About Us Greater Nashville REALTORS®:
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.

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