Interest Rates Continue To Drive The Nashville Market

Data for the month of May showed 3,436 home closings according to figures provided by Greater Nashville Realtors. This figure indicates a 13 percent decrease from the 3,982 closings reported for the same period last year. In May 2019, there were 4,172 closings reported.

"The condo market is thriving in Greater Nashville and signals a trend in first-time homebuyers looking outside of the single-family market,” said Brad Copeland, Greater Nashville Realtors president. “Combined with closings and sales price increases month-over-month, the market is moving in the right direction.”

A comparison of sales by category for May is:

There were 3,024 sales pending at the end of May, compared to 3,381 pending sales at this time last year. In May 2019, there were 3,940 sales pending. The average number of days on the market for a single-family home in May was 48 days.

The median price for a residential single-family home was $479,900 and for a condominium it was $349,900. This compares with last year’s median residential and condominium prices of $498,785 and $340,506 respectively. In 2019, the median price for a residential single-family was $318,000 and for a condominium it was $232,000.

Inventory at the end of May was 9,314, up 60 percent from the 5,836 active listings reported in May 2022. In May 2019, inventory was 11,576.

Currently, there are 3.5 months of available inventory in the Greater Nashville region.

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

“With interest rates creeping back up, more owners are choosing to stay in their homes longer to take advantage of their low locked-in rates,” Mr. Copeland added. “This continues to have an impact on inventory throughout the market.”

June marks National Homeownership Month, which recognizes the value of homeownership to individuals, families, communities and the nation’s economy. Realtors are on a mission to protect homeownership rights for all consumers, That’s Who We “R,” Realtors.