Coronavirus takes a big bite out of Nashville home sales
NASHVILLE, Tenn. (Mike Osborne) -- Home sales across Middle Tennessee were down sharply last month, another casualty of the pandemic.
The Greater Nashville Realtors Association reports April home sales fell 17 percent from April of last year. April sales also fell 13 percent over the previous month.
The number of homes on the market is down as well, dropping more than 14 percent. The number of pending contracts are also off, suggesting the downturn could continue into May.
There’s one bright spot in the new numbers, at least for current home owners. The median value of a Nashville home jumped to $350,000 dollars in April, up a whopping $20,000 in just 30 days. The median value was up $44,000 dollars year over year.
In a press statement, Association President Kristy Hairston attributed the sales decline to the effects of COVID-19. However, she went on to note “The Greater Nashville area is doing much better than other markets which have seen sales plummet.”
Home sales reporting by the Greater Nashville Realtors Association includes property sold in Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson counties.
You can review the full sales report for April here.