Housing Market Starts the Year Strong with Positive Key Performance Indicators
NASHVILLE, Tenn. (Feb. 7, 2024) – There were 1,886 home closings reported for the month of January, according to figures provided by Greater Nashville REALTORS®. This figure is up 5 percent from the 1,802 closings reported for the same period last year.
“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.”
A comparison of sales by category for January is:
|
|
2023 |
2023 |
|
CLOSINGS |
1,802 |
1,886 |
|
Residential |
1,414 |
1,514 |
|
Condominium |
276 |
250 |
|
Multi-Family |
9 |
12 |
|
Farms/Land/Lots |
103 |
110 |
There were 1,898 sales pending at the end of January, compared to 2,567 pending sales at this time last year. The average number of days on the market for a single-family home was 57 days.
The median price for a residential single-family home was $460,000, and for a condominium it was $349,360. This compares with last year’s median residential and condominium prices of $450,000 and $325,000 respectively.
Inventory at the end of January was 8,875, up 4 percent from 8,572 in January 2023.
The current inventory of properties by category, compared to last year, is:
|
|
2023 |
2024 |
|
INVENTORY |
8,572 |
8,875 |
|
Residential |
6,083 |
5,955 |
|
Condominium |
875 |
1,224 |
|
Multi-Family |
48 |
79 |
|
Farms/Land/Lots |
1,566 |
1,617 |
“As interest rates begin to soften, we are experiencing more buyers moving from the sidelines,” Wilson added. “In addition, we are seeing seller confidence improving with a four percent increase in inventory.”
For more information about Greater Nashville market data or to schedule an interview, please contact Blake Stewart at 615-513-9145.
About Us: Greater Nashville REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict code of ethics.
The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.
