Nashville-area home sales rose 4 percent in February from the mark of the same month in 2020.
February’s numbers come after a January that also enjoyed a 4 percent increase and a December that saw sales jump 22 percent compared to the prior-year figure.
Specifically, there were 2,919 residential property closings in February, up from the 2,798 closings in the same month of last year, according to a release from Greater Nashville Realtors. This compares to 2,745 residential property closings in January, 4,252 residential property closings in December and 3,694 in November.
In addition, 3,229 sales were pending at the end of February compared to 3,504 sales pending from the same month in 2020. There were 3,609 sales were pending at the end of January and 2,622 sales pending at the end of December.
The median price for a single-family home in February was $357,150, up 11.6 percent from a year earlier. For a condominium, the median price was $255,495, a year-over-year jump of nearly 9 percent.
Middle Tennessee’s housing inventory continues to remain very low. At the end of February, inventory was at 4,477 versus 9,093 in February 2020. February’s inventory number compared to January’s inventory of 5,381 and December’s mark of 6,200.
The average number of days on the market for a single-family home in February was 28. This compares to a January figure of 26 and a December with the same number. From last April to August, the average number of days per month was about 32, well below the 40-day figure from January 2020.
“We’ve seen a jump on the spring market by buyers who are taking advantage of lower interest rates and avoiding the stereotypical busy warm weather rush to buy,” Brian Copeland, GNR president, said in the release. “With low vacancy rates in rentals, we do not see a drastic rise in multi-family properties available on the market. This lack of multiplex inventory has caused many investors to enter the single-family home market.”
“These inventory numbers compared to last year are a direct result of sellers not having the options they want in their own marketplace to move and the effect COVID-19 has had on how we remodel and improve our homes,” Copeland added.
The data collected represents figures from nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.