Nashville is known for making records, but May was all about breaking records. The Greater Nashville REALTORS®, in its most recent market report, revealed 4,172 home sales for May. This represented a massive 10% increase in sales from the 3,767 home closings we saw this time last year.
This is huge.
Not only was it a record-breaking May, but it is now the highest month of homes sales ever seen in Nashville history, surpassing June 2018. With pending home sales up 10%, it looks like this pace will continue heading into the summer months.
All the while, home inventory continues to grow, ensuring that homebuyers will have plenty of options.
Current Home Values
The median residential price for a single-family was $318,000, and for condos, it was $232,000. This compares to last year’s median residential prices of $299,900 and condo prices of $226,000.
Real Estate Closings by Category
Quotes From GNAR President
“The Greater Nashville housing market has hit an all-time high with record-breaking sales,” said Andrew Terrell, Greater Nashville REALTORS® president. “With over 4,100 closings, the market has surpassed the highest month on record, which was in June 2018.”
There were 3,940 sales pending sales at the end of May. This was a significant increase from the 3,575 pending sales we observed last year. The average number of days on the market for a single-family home was 32 days.
Inventory at the end of May was still on the rise with a reported 11,576 available homes compared to the 10,912 in May 2018.
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