Data for the month of May showed 4,063 home closings according to figures provided by Greater Nashville Realtors. This figure indicates a 24 percent increase from the 3,267 closings reported for the same period last year.
“This type of increase shows how quickly our area’s home inventory is going under contract and closing. Buyers must remember, there are great homes out there," said Brian Copeland, Greater Nashville Realtors president. "You can’t sit on the sidelines as prices and interest rates rise, but you have to make quicker decisions than prior markets."
A comparison of sales by category for May is:
2020
2021
Closings:
3,267
4,063
Residential
2,759
3,214
Condominium
325
586
Multi-Family
16
32
Farms/Land/Lots
167
231
There were 3,778 sales pending at the end of May, compared to 4,085 pending sales at this time last year.
The average number of days on the market for a single-family home was 35 days.
The median price for a residential single-family home was $400,000 and for a condominium, it was $277,900. This compares with last year’s median residential and condominium prices of $329,900 and $225,000 respectively.
Inventory at the end of May was 4,308, down from 10,001 in May 2020.
The current inventory of properties by category, compared to last year, is:
2020
2021
Inventory:
10,001
4,308
Residential
7,086
2,557
Condominium
1,001
601
Multi-Family
48
64
Farms/Land/Lots
1,866
1,086
“The lack of inventory is staggering. Realtors are doing everything we can to bring fresh properties to the marketplace. I encourage every homeowner to reach out to their Realtor to see what their home could potentially sell for. We rarely see prime selling windows like this one,” added Mr. Copeland.