Area median home price hovers near $500,000

The region recorded 3,436 housing closings in May 2023 and 3,060 housing closings in April. This follows 2,837 housing closures in March, a 7% drop on the figure for the same month in 2023, when 3,063 closures were recorded.

The median price of a condo in May was $351,000, up from $349,900 the same month last year.

For a recent comparison, the median prices for a residential single-family home and condo in February were $478,870 and $339,990, respectively.

There were 2,695 pending sales at the end of May, compared to 3,024 pending sales at the same time last year.

At the end of May, inventory stood at 10,670, an increase of 14 percent from the 9,314 active listings reported for the same period last year. Currently, the region is experiencing a four-month supply, according to GNR statistics.

Residences in the region still require more time to sell than in 2023.

Specifically, the average number of days on the market for a single-family home in May was 44. April and March recorded an average number of 46 and 52 days respectively, while February recorded 59 and January 57. In 2023, homes often sold in 40 days or less.

“May market data shows modest increases in home sales and median condo prices,” Kevin Wilson, president of Greater Nashville Realtors, said in the release.

“This is the highest inventory level we have seen since pre-pandemic, giving buyers more options and greater leverage in today’s market,” he added. “With inventory continuing to increase, now at four months supply, it is a welcome sign for buyers.

GNR data was collected in Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson, and Wilson counties.