The coronavirus pandemic dramatically slowed down real estate sales during the spring, but sales picked up in the summer and fall pushing 2020’s real estate closings above 2019 levels.
Despite the pandemic, property owners sold 5,994 single family homes and condos in 2020, about 5 percent higher than the number from 2019. In June, 2020’s real estate sales were lagging behind 2019 by about 5 percent.
Closings for single family homes and condos in December were up by about 8 percent. December’s median price for a single family home of $595,000 was about 12 percent higher than the previous year.
Homes were also selling much faster in December 2020, compared to the year before. Single family homes were on the market for an average of 26 days, compared to 36 days in December 2020.
One of the biggest changes in Williamson County’s real estate market during 2020 was a sharp decline in the number of homes for sale. At the end of 2019, there were more than 1,300 single family homes and condos for sale in the county. At the end of 2020, the number had dropped to 525, more than a 60 percent decline in the span of a year.
In large part, that’s because the number of new listings also fell throughout 2020 while the number of sales increased.
The number of homes for sale is declining across the country. The National Association of Realtors reported that active inventory hit an all time low in December, down about 40 percent from the year before.
The organization reported that the Nashville metro area, which includes Williamson County, had the biggest drop in new listings of any metro area during December.
Brentwood had the highest median home price—$983,000—for any city in Williamson County, followed by Arrington at $888,000.
With a median home price of about $350,000, Fairview was the only city in the county with a median price below $400,000. Spring Hill was the second most affordable city, with a median home price of $425,000.