NASHVILLE, Tenn. (June 7, 2024) – Data for the month of May showed 3,509 home closings according to figures provided by Greater Nashville REALTORS®. This figure indicates a 2 percent increase from the 3,436 closings reported for the same period last year.
“The May market data shows modest increases in home sales and median single-family and condo prices,” said Kevin Wilson, Greater Nashville Realtors president. The continued rise in inventory, now at four months' supply, is a welcome sign for buyers. “These trends reflect a market where both sellers and buyers can find opportunities.”
A comparison of sales by category for May is:
|
Year |
2023 |
2024 |
|
CLOSINGS |
3,436 |
3,509 |
|
Residential |
2,736 |
2,776 |
|
Condominium |
507 |
540 |
|
Multi-Family |
14 |
23 |
|
Farm/Land/Lots |
179 |
170 |
There were 2,695 sales pending at the end of May, compared to 3,024 pending sales at this time last year. The average number of days on the market for a single-family home in May was 44 days.
The median price for a residential single-family home was $499,996 and for a condominium it was $351,000. This compares with last year’s median residential and condominium prices of $479,900 and $349,900 respectively.
Inventory at the end of May was 10,670, up 14 percent from the 9,314 active listings reported in May 2022.
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 |
9,314 |
10,670 |
|
Residential |
6,536 |
7,252 |
|
Condominium |
1,025 |
1,596 |
|
Multi-Family |
58 |
91 |
|
Farm/Land/Lots |
1,695 |
1,731 |
“This marks the highest inventory level we've seen since pre-pandemic times, providing buyers with more options and greater leverage in the current market," added Wilson. With the continued rise in inventory, now at four months' supply, is a welcome sign for buyers.”
June marks National Homeownership Month, which recognizes the value of homeownership to individuals, families, communities and the nation’s economy. Realtors are on a mission to protect homeownership rights for all consumers, That’s Who We “R,” Realtors.
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.
