Last week, Greater Nashville REALTORS® released its monthly home sales report for January, and the numbers are promising as we ease into the second month of the year.
With increases in inventory, closings, and median sales prices, the latest data points to growing consumer confidence across the Greater Nashville area. The 1% overall gains in sales were specifically in the condo, and land, lot and farms category, while residential dropped by 1.7% and multifamily remained unchanged.
Inventory rose by 22%, providing buyers with more choices and negotiating power. Meanwhile, a 15% increase in pending sales illustrates growing optimism in the 2025 market. Sellers can remain confident in their investments as equity and median home sale prices continue to climb.
The median price for a single-family home in January was $490,000, marking a 6.5% increase from the same time last year when the median price was $460,000. This aligns with national trends, where nearly 90% of metro areas reported home price gains in the fourth quarter of 2024. Among major U.S. regions, the South led the way, registering the largest share of single-family existing-home sales and a year-over-year price appreciation of 2.1%.
While record-high home prices and the accompanying housing wealth gains are encouraging for current property owners, prospective buyers face challenges, particularly with interest rates expected to remain near current levels throughout the year. However, the increase in available inventory in the Greater Nashville region offers a bright spot for buyers seeking opportunities in a competitive market.
Navigating these market conditions—whether buying or selling—can be complex. That's why working with a trusted REALTOR® is invaluable. REALTORS® provide expert guidance, market insights, and negotiation skills to help you make informed decisions and achieve your real estate goals in any market environment.
