In February, housing in Tennessee reflected an ongoing rise in home and condo prices, slightly down sales numbers, and increasingly tight inventory resulting in a continuing seller’s market overall. Single-family home closings were down in February (-3.4%), sales volume rose (+12.4%), active listings/inventory declined sharply (-40%), new listings also fell (-14.7%), and the median sales price increased (+12.4%) year-over-year, according to data compiled by Tennessee REALTORS® via REALTORS® Property Resource (RPR).
Among the highlights*:
Median Home Sale Price
February 2021: $261,000
February 2020: $232,200
+12.4%
Median Home Sale Price per Sq. Ft.
February 2021: $143
February 2020: $128
+11.7%
Average Home Sale Price
February 2021: $321,397
February 2020: $276,399
+16.3%
Closed Home Sales
February 2021: 6,718
February 2020: 6,952
-3.4%
Closed Home Sales Volume
February 2021: $2.2 billion
February 2020: $1.9 billion
+12.4%
Active Listings
February 2021: 29,953
February 2020: 49,953
-40%
Active Listings Volume
February 2021: $13.3 billion
February 2020: $17.1 billion
-22.4%
New Listings
February 2021: 8,763
February 2020: 10,276
-14.7%
See more details broken down by Grand Division (West, Middle, East)—along with past TN housing data—HERE.
*Condominium stats followed similar trendlines.
