Our December 2020 Market Recap & Year in Review:
What we know is that 2020 was a year of resilience for the real estate market. Much of that can be contributed to the fact that this year, more than ever, our homes became our haven, our workplace, our place of rest, our outlets for projects, our workout studios and even our entertainment. Our homes evolved to be everything we needed them to be as we spent the year with so many questions around what is safe to do and where is safe to go.
As we spent more time in our homes, our awareness grew to the inadequacies our homes may have. It brought about a time for reflection and evaluation of what our home needed to be. This resulted in individuals and families making housing changes to be sure that their homes accommodated for the changing priorities in their life. This resulted in one of the strongest fourth quarters we have seen as a local Real Estate Market.
December ended with a growing Average Sales Price. We saw increases of 5.8% (Rutherford County) up to 16.8% (Williamson County) in December Average Sales price in 2020 compared to 2019. Maury and Davidson County were right around 12% growth for December Average Sales Price. This is being driven by the continued low inventory and the rising number of total closings in all counties.
Maury County saw the most significant number of increased closing in December up 55% from December of 2019. Williamson, Davidson and Rutherford County all saw an increase in total closings as a reflection of buyer’s confidence and a slight uptick in available home to sell! The only county to see a drop in total closings was Sumner County which remains down because of low inventory. All counties are still seeing low inventory in 2020 compared to 2019. As we head into the new year, we need to see an increase in new builds and developable lots so that our inventory can begin to keep up with the demand of our area. It is clear that during this pandemic, Middle Tennessee remains an incredibly prosperous place to own a business, own a home, have a family and do life!
In a year that brought so much change and uncertainty, individuals and families alike needed someone they could trust. Someone with expertise and knowledge to help them make sound decisions as they adjusted their home needs and pursue their dreams. Thank you for choosing Clough Team Realty. It was an honor to be the trusted advisor to so many buyers and sellers this year. Together, we became more resourceful, more creative and more resilient!
*Data provided by Realtracs.