January 2021 Market Update

This time period marks roughly a year since the public became aware of the Coronavirus. The disruption on the economy put the market on hold for months during spring of 2020. The real estate market emerged from the pandemic, and many homebuyers are still taking advantage of low interest rates. Coming out of the holiday season and into the new year, many houses went under contract, with the notion that most sellers believe the holidays are the best time to sell a house. Greater Nashville Realtors president reminds sellers, “there is rarely a bad time to list a home in this marketplace”.  Whether this momentum can be sustained is dependent on a number of factors, but most striking being the historically low inventory, both nationally and city-wide, and interest rates that are predicted to slowly increase as the year progresses. The Nashville inventory is down 57% since January 2020, creating a strong buying demand and continuing a competitive market.

The median price for a residential house was $344,920, compared to last year’s median of $305,950. The number of closings in January was 2,745, with house sitting on the market for an average of 26 days. More than ever before, these numbers emphasize the importance of having the expertise of a real estate professional to help buyer’s navigate their way through through this competitive market.

Source: https://www.greaternashvillerealtors.org/news/2021/02/08/home-sales-release/home-sales-remain-strong-in-new-year/

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