The coronavirus pandemic slowed down residential real estate transactions in Williamson County last month, but the Williamson County Association of Realtors still reported hundreds of transactions.
The numbers for April show the first full month affected by the virus outbreak.
In April, the number of residential real estate closings fell from 485 in April 2019 to 377 last month, a drop of about 22%. The number of new listings dropped by about 28%. There were 1,027 new listings a year ago and only 741 last month.
However, the median sale price increased by almost 9%--from $525,000 to $570,00--according to new figures released by the Williamson County Association of Realtors.
Residential real estate sales in March remained mostly normal, in part because real estate agents had already laid the groundwork for those sales. Last month, Williamson County Association of Realtors president Jordan Vaughn said the real test would come in April and he was expecting a dip in sales.
Arrington and Brentwood had the highest median home price in the county at $844,000 and $839,000 respectively. Spring Hill and Fairview had the most affordable homes, with a median sale price of $410,000 and $349,000 respectively.
Data from the National Association Realtors show that the number of new listings has plummeted by about 44%--much higher than the drop in Williamson County--and asking prices have flattened nationwide and homes are sitting on the market longer.
“Although we saw sharp drops in new listings, an increase in the time it takes to sell a home and a flattening of prices in April, May is likely to see some of these metrics worsen," Realtor.com Chief Economist Danielle Hale said, according to a press release.
In Williamson County, the number of days on market actually decreased from 38 days in April 2019 to 30 days in April 2020. The number of homes newly under contract in April also fell by about 38%, indicating that the number of closing may fall further in May.