With the release of the first sales data of the new year, Middle Tennessee's real estate market is showing signs of promise. Beyond the snow that shut down much of the city, January also brought key performance indicators that have left us feeling optimistic.
One notable highlight is the 5% increase in closings compared to January of the previous year. This marks a significant shift, as the last time we witnessed a year-over-year increase in closings was back in March of 2022.
This break in the past 21-months of languishing sales brings with it a newfound momentum for the Greater Nashville housing market in 2024.
Another encouraging aspect is the rise in median home sale prices for both single-family homes and condominiums when compared to January 2022. Single-family homes had a median price of $460,000, while condominiums reached a median price of $349,360.
These figures reflect a notable uptick from the previous January’s median prices of $450,000 for a single-family home and $325,000 for a condominium.
This growth reaffirms that homeownership continues to be a strong investment in Davidson and surrounding counties.
Inventory also saw a positive change, with 8,875 homes available at the end of January, a 4% increase compared to January 2023's inventory of 8,572. This uptick in available homes, combined with softer interest rates, has contributed to more buyers entering the market, hoping to take advantage of the most balanced housing market the area has witnessed in years.
Pending home sales experienced an expected dip in January, due to a week of limited activity caused by severe weather conditions.
There were 1,898 pending sales at the end of January as compared to the 2,567 pending sales at the same time last year. These early indicators provide us with confidence in the resilience and vitality of Middle Tennessee's real estate market. It's an exciting time for both buyers and sellers, as we anticipate continued lower interest rates in the months ahead.
Kevin Wilson is President of Greater Nashville Realtors. A Realtor is a member of the National Association of Realtors who subscribes to its strict code of ethics. You can reach Kevin at 615.390.5065 or kevin@ourhousenashville.com