Home inventory in Nashville has been dropping steadily every year for what seems like forever. However, the winds of real estate may be changing as we saw 8,876 active homes at the end of April. This represents 4.7% increase compared to last April. While this may not sound like a huge change, inventory levels have been steadily declining, so this represents a very positive step towards creating a more balanced housing market.
Greater Nashville REALTORS® also reported that there were 3,419 home closings in April, which was an increase of 2.8 percent from the 3,325 we saw in April of 2017.
The average sales price for a single-family home during March was up 8.9% at $297,915. The average sales price for condos also increased by 9.4% at $218,600. These numbers compares to year’s median residential and condominium prices of $273,500 and $199,900, respectively.
Real Estate Closings by Category
Quotes From GNAR President
“Home sales for the second quarter started with the types of positive gains expected for this time of the year,” said Sher Powers, Greater Nashville REALTORS® President. “The most encouraging gain is in inventory, particularly in the residential and condominium classes.
“While demand has remained high, the supply struggle has had a mild impact on our market,” said Powers. “The addition of inventory from new home construction and current homeowners placing their homes on the market is welcomed by potential buyers and will provide a modicum of relief to the supply-demand tension.”
“A growing supply of homes in all price ranges is a must for a healthy and balanced market,” said Powers. “It provides housing opportunities and options for immediate buyer needs, which is important currently. But, with announcements like the relocation of the AllianceBernstein headquarters to Nashville later this year, a solid inventory is also necessary to provide a depth of options for future buyers.”
There were a total of 3,430 home sales pending at the end of April. This compares to the 3,540 pending sales we saw at this time last year. The average number of days on the market for single-family homes was 32 days.
Ready to Find The Perfect Home ?
Get alerts for new properties that match your exact criteria as soon as they hit the market.