Nashville-area home sales fell 8 percent in July from the mark of the same month in 2020 — with inventory improving a bit and single-family homes staying on the market a mere 22 days.
July’s numbers come after a June and May that enjoyed sales surges of 11 percent and 24 percent, respectively, compared to the prior-year figures. Specifically, Greater Nashville Realtors said in a release there were 4,314 residential property closings in July, down from the 4,677 closings in the same month of last year.
For comparison, there were 4,649 residential property closings in June and 4,063 residential property closings in May.
In addition, 3,365 sales were pending at the end of July compared to 4,192 sales pending from the same month in 2020. That is attributable in part to, as has been the case for several months, low inventory levels.
The median price for a single-family home leveled a bit. In July, the median price was $415,075, up 20 percent from the $343,968 average mark in the same month of a year earlier but essentially flat from June. For a condominium, the median price was $292,735, up from $239,900 for July 2020 and up fractionally from June.
Middle Tennessee’s lack of housing inventory is improving somewhat. At the end of July, the number of homes on the market was 5,097. Though the number was 8,962 in July 2020, for comparison, at the end of June, inventory was 4,615. In May, inventory was 4,308.
The average number of days on the market, 22, for a single-family home in July is a new low for 2021. In June, the mark was 27. In May, it was 35, an uptick of sorts. In April, the figure was 26 days, with March seeing 27 days.
“In the past, we’ve always viewed a decrease in sales as a negative point,” Brian Copeland, GNR president, said in the release. “In this case, for many buyers and Realtors, this is a welcomed statistic. We’ve had so many stock shortages, it’s inevitable that sales will decrease proportionately.”
The data collected represents figures from nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.