Nashville-area home sales rose 13 percent in March from the mark of the same month in 2020.
March’s numbers come after February and January both enjoyed a 4 percent increase and follow a December that saw sales jump 22 percent compared to the prior-year figure.
Specifically, there were 3,787 residential property closings in March, up from the 3,346 closings in the same month of last year, according to a release from Greater Nashville Realtors. This compares to 2,919 closings in February, 2,745 in January and 4,252 in December.
In addition, 3,899 sales were pending at the end of March compared to 3,139 sales pending from the same month in 2020. March's number was up more than 20 percent from the end of February.
The median price for a single-family home in March was $367,090, up from $330,000 for the same month of a year earlier. For a condominium, the median price was $259,900, up from $240,238 for March 2020.
Middle Tennessee’s housing inventory continues to remain very low. At the end of March, inventory was at 4,504 versus 9,677 in March 2020. The February inventory was at 4,477 versus 9,093 in February 2020.
The average number of days on the market for a single-family home in March was 27, in line with February's mark of 28 and January's 26. From last April to August, the average number of days per month was about 32, well below the 40-day figure from January 2020.
Data for the first quarter of 2021 showed 9,338 closings, a 6 percent increase from the 8,776 closings during the first quarter of 2020, the release notes.
“With Nashville inventory shortages, these data points may seem incongruent,” Brian Copeland, GNR president, said in the release. “It’s important to note that our numbers represent many counties outside of Davidson County, also. The properties that are coming to the market are selling quickly, leaving fewer homes in the ‘inventory’ category for those buyers who aren’t ready to make the jump yet.
“Listing inventory continues to be an issue for area Realtors and buyers," Copeland added. "We saw an uptick in inventory after the snowstorm; however, the listing numbers fell to well below average shortly after and have not climbed to a sustaining level. Anecdotally, we are contributing this to the desire for sellers to stay in the area yet not being able to find suitable housing at a price point that makes sense for them.”
The data collected represents figures from nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.