Demand for Nashville Homes Continues to Outpace Supply

Monday, May 9, 2022

There were 3,818 home closings in Nashville reported for the month of April, according to figures provided by Greater Nashville Realtors. This figure is down 7 percent from the 4,119 closings reported for the same period last year.

“The number of new listings versus the number of sales in a 30-day period is a way to measure the short-term supply," said Steve Jolly, Greater Nashville Realtors president. "Over the last five years, Greater Nashville averaged selling 69 homes for every 100 homes that were listed for sale. In February 2022, there were 94 sales for every 100 homes to hit the market. Since 2018, the number of homes sold increased 21 percent. The number of opportunities to buy a home is growing, however, it cannot keep up with the current demand."

A comparison of sales by category for April is:

Coverage Briefing

There were 3,282 sales pending at the end of April, compared to 3,837 pending sales at this time last year. The average number of days on the market for a single-family home was26days.

The median price for a residential single-family home was $480,000, and for a condominium, it was $337,628.This compares with last year’s median residential and condominium prices of $385,000 and $264,525 respectively.

Inventory at the end of April was 4,314, down from 4,534 in April 2021.

The current inventory of properties by category, compared to last year, is:

Coverage Briefing

"The demand for homes in Middle Tennessee is greater than it was at this time last year," Mr. Jolly added. It's never been more important for buyers and sellers to have a trusted Realtor to help them achieve their goals."

 



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