Market Update for July, 2021 Greater Nashville TN

NASHVILLE, Tenn. (July 7, 2021) – There were 4,649 home closings reported for the month of June, according to figures provided by Greater Nashville REALTORS®. This figure indicates a 11 percent increase from the 4,191 closings reported for the same period last year.

“For the first time since March, we saw weekly inventory levels above the average during June,” said Brian Copeland, Greater Nashville REALTORS® president. “While inventory remains low, Realtors are working harder than ever to bring quality homes to the market.”

Data for the second quarter of 2021 showed 12,831 closings, up 24 percent from the 10,345 closings during the second quarter of 2020.

A comparison of sales by category for June is:

There were 3,608 sales pending at the end of June, compared to 4,648 pending sales at this time last year. The average number of days on the market for a single-family home was 27 days.

“It will be interesting to see what July’s numbers say with pendings down,” Copeland added. “Many homes are closing faster than they were this time in 2020 due to the market’s pace and factors caused by COVID-19. I will not be surprised if our July closures exceed July 2020.”

The median price for a residential single-family home was $415,000 and for a condominium, it was $292,570. This compares with last year’s median residential and condominium prices of $331,448 and $243,990 respectively.

Inventory at the end of June was 4,615 down from 9,682 in June 2020.

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