Greater Nashville Market update: Closings in December were up from last year, there were 4,252 closings which is a 22% increase from last year where there were only 3,482 closings. Overall, there were 44,850 homes sold in the region in 2020, as opposed to 42,356 in 2019. Total sales for 2020 was up 6%.
Although sales are up, inventory is down. There were only 5,722 active listings as opposed to the 9,365 listings in December 2019. Because of the high demand and low inventory – days on market is an average of only 26 days.
The median price of a single family home in the region is $21,000 higher than December 2019. The median home price in December 2020 was $345,000. The market continues to boom, and it is both a great time to buy and sell. With low interest rates, buyers are able to purchase much more of a home but do face competition with other buyers. For sellers, inventory is low – so there is a high demand, houses are selling quickly and for top dollar. If you are wondering what this all could mean for you personally – reach out – we love to make personalized plans for our clients.
If you have any questions about specific locations please reach out we would be happy to run the numbers for you. Sammi and I are always working for you and we would love to help you anyway we can! Call us at anytime 615-972-6220 or email us at lisa@nashvilleonthemarket.com.
* All Data from Greater Nashville REALTORS
