NASHVILLE, Tenn. (May 7, 2024) – Data for the month of April showed 3,060 home closings, according to figures provided by Greater Nashville REALTORS®. This figure indicates a 11 percent increase from the 2,753 closings reported for the same period last year.
“The market showed promising signs in April with an 11% surge in the number of home sales and an 18% increase in inventory,” said Kevin Wilson, Greater Nashville REALTORS® president. “We continue to see a more balanced market compared to previous years while buyers have more options and we’re seeing correctly priced homes sell.”
A comparison of sales by category for April is:
|
Year |
2023 |
2024 |
|
CLOSINGS |
2,753 |
3,060 |
|
Residential |
2,162 |
2,383 |
|
Condominium |
404 |
492 |
|
Multi-Family |
11 |
16 |
|
Farm/Land/Lots |
176 |
169 |
There were 2,998 sales pending at the end of April, compared to 3,196 pending sales at this time last year. The average number of days on the market for a single-family home in April was 46 days.
The median price for a residential single-family home was $505,000 and for a condominium it was $349,900. This compares with last year’s median residential and condominium prices of $468,300 and $326,000 respectively.
Inventory at the end of April was 10,419. This figure indicates an 18 percent increase from the 8,778 active listings reported for the same period last year.
Currently, there are 4 months of available inventory in the Greater Nashville region.
The current inventory of properties by category, compared to last year, is:
|
Year |
2023 |
2024 |
|
INVENTORY |
8,788 |
10,419 |
|
Residential |
6,053 |
7,006 |
|
Condominium |
1,055 |
1,564 |
|
Multi-Family |
55 |
99 |
|
Farm/Land/Lots |
1,615 |
1,750 |
“Expectations for the year remain strong,” Wilson added. “But as inventory climbs, sellers in partnership with their REALTOR® will need to collaborate on how to best position their home to the market, with a sound understanding of days on market, absorption rate and pricing being key.”
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.
