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January Home Inventory Up by 4% in Nashville

Posted by Meghan Caldwell on February 15, 2024
| Nashville Real Estate Blog
| 0
The Greater Nashville REALTORS® have released their latest housing report for January. Median prices for single-family homes and condominiums saw a 2% increase, with condominiums experiencing a rise of 7%. Additionally, home sales had a 5% increase, and home inventory was up by 4%. However, there was a notable decrease of 26% in pending sales. On average, homes spent 57 days on the market. 

Current Home Values

The median residential price for a single-family was $460,000 and for condos, it was $349,360. This compares to last year’s median residential prices of $450,000 and condo prices of $325,000.

Quotes From GNAR 

“Key performance indicators are positive coming out of January with a five percent increase in closings,” said Kevin Wilson, Greater Nashville Realtors president. “Another bright spot coming out of the year is an increase in both single-family and condo median home sale prices compared to last year.” 

What’s Pending?

There were 1,898 sales pending sales at the end of January. This was a 26% decrease from the 2,567 pending sales we observed last year. The average number of days on the market for a single-family home was 57 days.

Available Inventory

Inventory at the end of January increased significantly with a reported 8,875 available homes compared to 8,572 in January 2023.

 

 

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