NASHVILLE, Tenn. (WKRN) — A big surge in home sales is being reported in Nashville and across the country.
The National Association of REALTORS said sales of existing homes in the United States jumped nearly 25% in July, due in part to a limited supply with inventory of existing homes down about 20%.
The good news for sellers is the median price of homes sold went up about 8%.
But what does that mean for buyers and sellers in Middle Tennessee?
Nashville’s real estate market is strong, according to the Greater Nashville REALTORS Association.
The group is constantly keeping a close eye on trends and report that Nashville’s number of closings increased dramatically in May.
Nearly 5,000 deals closed in Nashville in July, which is an all-time record for the month.
Association President Kristy Hairston believes a big reason why business has continued growing is realtors were deemed essential during the pandemic.
“We’re definitely catching up from what seemed to have been a slowdown, starting in that March and April. At the sametime, we’re seeing some buyers who maybe had stalled in those first few months, potentially because of furloughing not knowing what their employment was going to be. We have been seeing the number of buyers continue to tick up,” explained Hairston.
Hairston said demand is up particularly for residential homes and condos and what people are looking for in a home is changing.
“Most buyers initially wanted when they were looking for a home, an open floor plan. Open floor plan granite countertop, now people are more interested in a workable floor plan. that gives additional space, for students being home, multiple people being home, everyone having their own space, that’s been interesting. We’ve also seen more people interested in a pool,” said Hairston.
She added that because interest rates are as low as 3% — it’s a great time to buy or sell.
News 2 is reporting on Nashville’s historic growth and the growing pains that come with it. Click here for more Nashville 2020 reports.