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The Nashville Real Estate Market is on a Wild Ride

Posted by Meghan Caldwell on February 11, 2021
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The latest housing report for January from the Greater Nashville REALTORS® has been released and available homes are literally disappearing. Home inventory was down a whopping 43% compared to this time last year. This, along with the strong demand from buyers is creating one of the best seller’s markets we have ever seen. There were 2,745 home sales last month, which was a 4% increase from the 2,632 home sales we saw this time last year. Also, the average price of a single-family home also increased by a staggering 13% to $344,920 while the average condo sales price increased slightly by 4% to $247,750. The average days on market decreased by a solid 14 days as well. Pending home sales increased by 16%. 

Current Home Values

The median residential price for a single-family was $344,920 and for condos, it was $247,750. This compares to last year’s median residential prices of $305,950 and condo prices of $239,000.

Real Estate Closings by Category

20192020
CLOSINGS2,6322,745
Residential2,1522,197
Condominium299346
Multi-Family2616

Quotes From GNAR President

“January’s numbers show the power of the Greater Nashville market. Many of these homes went under contract during the holiday season which is stereotyped as a subprime time to sell. As Realtors continue to remind their sellers, there’s rarely a bad time to list a home in this marketplace,” said Brian Copeland, Greater Nashville Realtors president.

What’s Pending?

There were 3,609 sales pending sales at the end of January. This was an increase from the 3,117 pending sales we observed last year.  The average number of days on the market for a single-family home was 26 days.

Available Inventory

Inventory at the end of January was much lower, with a reported 5,381 available homes in comparison to 9,410 in January 2020.

20192020
INVENTORY9,4105,381
Residential6,5883,195
Condominium808896
Multi-Family4947
Farms/Land/Lots1,9651,243

 

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