What many real estate analysts are calling an “inventory crisis” in America was evident in Tennessee last month, as the number of available single-family homes* on the market in March 2021 plunged -34.6%, from 45,605 to 29,807, compared with the same month a year earlier. This low inventory combined with high demand led to a rise in the median home sale price (+14.5%) and a jump in the total amount paid for homes (+42.8%), as the number of total sales rose (+11.9%), according to data compiled by Tennessee REALTORS® via REALTORS® Property Resource (RPR).
Among the highlights in March 2021:
Median Home Sale Price
March 2020: $240,000
March 2021: $274,900
+14.5%
Median Sale Price per Sq. Ft.:
March 2020: $128
March 2021: $145
+13.3%
Closed Home Sales
March 2020: 8,650
March 2021: 9,675
+11.9%
Closed Sales Volume
March 2020: $2.45 billion
March 2021: $3.5 billion
+42.8%
Active Listings
March 2020: 45,605
March 2021: 29,807
-34.6%
New Listings
March 2020: 12.384
March 2021: 11,129
-10.1%
See more details broken down by Grand Division (West, Middle, East)—along with past TN housing data—HERE.
*Condominium stats followed similar trends.
