Home sales hit 4,047 closings for October 2021, according to data provided by Greater Nashville REALTORS®. This figure is down 7 percent from the 4,364 closings reported for the same period last year.
“October signals the period when summer travel is over, kids are fully settled into schools, and real estate activity breathes a bit,” said Brian Copeland, Greater Nashville Realtors president. “We are still experiencing a new construction and resale shortage. That is clear.”
A comparison of sales by category for October:
Additionally, the data showed a total of 3,976 pending sales at the end of October 2021, compared to 3,819 pending sales at this time last year. The average number of days on the market for a single-family home was 27 days.
The median price for a residential single-family home was $429,900 and for a condominium, it was $295,990. This compares with last year’s median residential and condominium prices of $349,000 and $245,000 respectively.
Inventory at the end of October 2021 was 5,260 down from 7,457 in October 2020. What a dramatic change in just one year!
A comparison of current inventory by category for October:
If you are interested in finding out what your home is worth, please contact our team of dedicated Nashville Realtors®. Call us at 615.463.3333 or visit our website at lipmanhomesandestates.com to browse homes for sale.
Figures are provided by Greater Nashville Realtors®. The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson, and Wilson.
The post NASHVILLE REAL ESTATE MARKET INSIGHT • OCTOBER 2021 appeared first on RE/MAX Homes and Estates, Lipman Group.