Market Area Sales Davidson County
November Sees Increase in Closings Despite Drop in Inventory
NASHVILLE, Tenn. (December 8, 2021) – There were 4,027 home closings in the Greater Nashville Region reported for the month of November, according to figures provided by Greater Nashville REALTORS®. This figure is up 9 percent compared to the 3,694 closings in November 2020.
“We have a lot of pending homes in the Greater Nashville area," said Brian Copeland, Greater Nashville Realtors president. "Many homes are seeing longer escrow periods due to seller occupancy needs. Many want their home under contract before finding their next home. Many of these homes went under contract over a month ago but were part of the inventory waiting to close. That's really boosted these numbers."
A comparison of sales by category for November is:
2020 |
2021 |
|
| Closings | 3,694 | 4,027 |
| Residential | 3,061 | 3,182 |
| Condominiums | 427 | 599 |
| Multi-Family | 28 | 36 |
| Farms/Land/Lots | 178 | 210 |
There were 3,112 sales pending at the end of November, compared with 3,119 pending sales at this time last year. The average number of days on the market for a single-family home was 29 days.
The median price for a residential single-family home during November was $425,000 and for a condominium, it was $298,050. This compares with last year’s median residential and condominium prices of $350,000 and $244,900 respectively.
Inventory at the end of November was 4,732, a decrease from 6,200 in November 2020.
The current inventory of properties by category, compared to last year, is:
2020 |
2021 |
|
| Inventory | 6,200 | 4,732 |
| Residential | 3,789 | 3,019 |
| Condominiums | 919 | 451 |
| Multi-Family | 57 | 55 |
| Farms/Land/Lots | 1,435 | 1,207 |
“We were hoping to see more inventory come to the marketplace in comparison to 2020," Copeland added. "The market needs the inventory. We've been telling that story all year. It's clear people are staying in place in the Music City."
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.
Click for October 2021 Davidson County Market Area Sales Information