There were 2,186 home closings reported for the month of February, according to figures provided by Greater Nashville Realtors. This figure is down 25 percent from the 2,924 closings reported for the same period last year.
“We are seeing more than double the number of pending sales than we saw at the same time last year,” said Brad Copeland, Greater Nashville Realtors president. “This is a strong indicator of a robust spring market that has already begun.”
A comparison of sales by category for February is:
There were 2,705 sales pending at the end of February, compared to 1,338 pending sales at this time last year.
The average number of days on the market for a single-family home was 59 days.
The median price for a residential single-family home was $450,000 and for a condominium it was $331,900. This compares with last year’s median residential and condominium prices of $446,175 and $329,837 respectively.
Inventory at the end of February was 8,367, up from 3,378 in February 2022.
The current inventory of properties by category, compared to last year, is:
“Inventory rose slightly month-over-month but we’re still sitting at a level of less than three months of inventory,” Copeland added. As we near the spring, we expect the market to pick up steam.”
The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.