NASHVILLE, Tennessee (WKRN) – Home sales are increasing through the summer, increasing 24% from a year ago. This means that the housing inventory in our region contracts and closes quickly.
“The message here as a buyer is that you can’t wait to buy,” said Brian Copeland, president of Greater Nashville Realtors. Because the stock will change, the numbers keep rising while the stock goes down; it just goes a lot faster.
Data from Greater Nashville Realtors showed 4,063 house closings in May, compared to 3 267 closures declared for the same period last year.
There was 3,778 pending sales at the end of May, compared with 4,085 pending sales at the same date last year. The average number of days on the market for a single-family home was 35 days.
“You have to make this offer quickly,” Copeland said. “Remember you are doing your due diligence; this is the time when if there is an inspection problem, a title problem, a financing problem, you work with a great real estate agent who can help you navigate the contract, so that you don’t you don’t have to feel completely connected. Of course, when we contract we want to keep the contract, but be aware that there are options for you beyond that.
Copeland said that with high demand and low inventory, he and Greater Nashville Realtors are working with Metro to keep affordable housing high on everyone’s mind.
The median price of a single-family residential home was $ 400,000 and for a condominium, it was $ 277,900. This compares to last year’s median home and condominium prices of $ 329,900 and $ 225,000 respectively.
“Our prices are starting to correct, but won’t be near these A-level cities,” Copeland said. “They will hopefully remain at a point still accessible for those who want to get in, but we’ll see that urban core of Nashville grow and correct higher up.”
The total stock at the end of May was 4,308, up from 10,001 in May 2020. However, great news for multi-family dwellings, year-over-year inventories in this sector are growing.