Many people are wondering if the tornado or COVID-19 will have a negative impact on home sales in the greater Nashville market. The statistics are in, and Nashville’s real estate market remains strong. The Greater Nashville Realtor Association reported the following data:
There was an increase in the number of closings from the previous year:
- For the month of March, there was a 3.4% increase
- For the 1st Quarter, there was an overall 9.1% increase
The median price of single-family homes and condominium increased as well.
- For SFH, median price was $305,000 in 2019 and was $330,000 in 2020
- For Condos, median price was $223,000 and was $240,238 in 2020
Plus, prices will continue to stay strong since there is even less inventory at the end of March 2020, than 2019. For instance, in 2019, the number of active listings was 11,276 at the end of the first quarter; and in 2020 this same time period, there was only 9,677 active listings. See the chart below of the inventory list by category:
The comparison of statistics from 2019 to 2020 suggests the Nashville Home Sale market is still a solid investment!! Are you thinking about making a move in the Nashville market? Contact us at 615-484-9994 or online for a free market analysis on your home today! We’d love to help you achieve your real estate goals in 2020.