As the coronavirus (COVID-19) continues to sweep through various industries, the real estate market continues to hold its ground. This is especially true for regions such as the Nashville metropolitan area, which is seeing increased market activity during COVID-19.
In collective data from nine middle Tennessee counties, this observation can be seen on a month-by-month basis. But it becomes even more profound when you compare it on a yearly scale.
Nashville’s Performance Indicates Consistent Improvement
Most recently, the Nashville housing market recorded 17 percent more sales in September 2020 than the same time in the previous year. This gain in yearly sales was recorded in the wake of similar statistics.
In August, the Nashville metropolitan area noted a 6 percent increase in sales over the same time frame in 2019. Before that, the data from June and July had also posted noticeable increases in annual sales.
To be specific about the gains in September, the Nashville metropolitan area recorded 4,336 closings for residential properties. This was a massive increase from the previous year, where 3,704 closings were recorded in the region. To be clear, these findings relate to the counties of Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.
This outlines consistent improvement in the Nashville real estate sector. A significant feat, seeing that sales in the region had dropped by a whopping 22 percent in May. The reasons for the decline were clear in terms of the effects of COVID-19. But the current movement remains staggering when compared to the performance of many other industries.
Nashville is Surpassing Expectations in Terms of Value As Well
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The Region is Currently a Seller’s Market
With significant reduction in inventory, buyers face immense competition from other aspiring homeowners in the Nashville real estate market.
This means that if homebuyers want to close on a listing, they have to make a suitable offer quickly. If the proposed price is too low or too late, it could cause other buyers to get the listing instead.
Also delivers an advantage to sellers, who can stay consistent on their asking price until a serious buyer closes. A reduced inventory ensures that the process won’t take too long. This gives sellers all the room to close on the value they want.
With these statistics, the Nashville metropolitan area is going strong in its real estate transactions. If it continues on that trajectory, it can close this year in more or less the same way as 2020 and could outline a steady performance for the market and strengthen buyer confidence in the future.
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