Final data released for 2020 home sales in Mid-State: ‘We may sell more million dollar homes [in 2020] than we ever have’

Middle TN

NASHVILLE, Tenn. (WKRN) – Despite uncertain times, new data from Greater Nashville REALTORS shows Middle Tennessee’s housing market thrived in 2020.

“The figures we are sharing today remind us that even during our most challenging times, a home remains an important and essential part of everyone’s life,” said Brian Copeland, Greater Nashville Realtors president. “

Bobby Hill, a realtor with Crye-Leike Realtors, can’t believe the year his company had.

“We may sell more million dollar homes this year than we ever have,” Hill said, adding the figures for the higher-price-point homes isn’t out. “I can tell it from our office; I can tell by talking to other agents and our market shows it, there’s no boundaries right now. You’d think it was just first time home buyers buying houses at $300,000- $350,000. No; it’s all the way up $700,000, $800,000, $900,000 and million dollar houses.”

Hill says the high number of sales at high price points is because people from New York, Chicago and Los Angeles are moving here in droves.

What’s even more puzzling to Hill is, despite the crazy year, the housing market thrived during an election year.

“A lot of times when we get an election, things kind of just bobble in the water a little bit, but we really soared in the fourth quarter which shocked me.”

Final numbers for 2020 indicate there were 44,850 homes sold in Greater Nashville, compared to the 42,356 closings in 2019.

Total sales for 2020 were up 6 percent, Greater Nashville REALTORS says.

Home sales in December were up 22 percent over 2019.

Home sales hit 4,252 closings for December, up from the 3,482 closings reported for the same period last year.

Fourth quarter closings were 12,310 for the Middle Tennessee area. That total is an 18 percent increase from the 10,456 closings during the fourth quarter of 2019.

The median price for a residential single-family home was $345,000; this compares with last year’s price of $324,000.

Hill, however, reminds us not all of the numbers are up.

“You know, when you have one good number, sometimes you end up with a bad number or lower number,” Hill said talking about Middle Tennessee’s lack of inventory.

Inventory at the end of December was 5,722, down from 9,365 in December 2019, or 47 percent.

“It’s unbelievable,” Hill said. “What is out there, new construction that’s being built, is already gone.”

The data represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.

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