June 2020 – Market Update

June saw similar trends as May. total closings and Inventory are still down across all five counties. This is driven by concerns around the Covid-19, job security and what the future holds. However, low inventory and incredibly high demand  brought  strong numbers for average sales price across Middle Tennessee.

Average sales price was up 2-10% across the five counties that we track. These are strong numbers for a month that historically can be slower due to summer travel and more packed schedules. Even with low inventory, our Middle Tennessee Market is still growing. 

The biggest indicator of the direction of our market is pending sales that continue to grow each month. We saw some record pending sale growth. Williamson and Sumner County were up 50% in June for pending sales over last year and Rutherford and Maury County were up 86% and 67% respectively. Davidson saw great growth as well for such a wide range of markets being covered. Its pending sales were up 15% for June of this year over June of 2019. 

Low inventory, growing pending sales and rising average sales price is indicative of continued future growth for Middle Tennessee. We do not expect total closings to recover by year end as new construction is still trying to keep up with the demand for more inventory. Many anticipate very strong value growth for 2020 and a rebound of total closings in 2021.