This review provides the data in regard to the housing inventory report for the Greater Nashville area. Overall, the inventory increased from the start of 2021 to where we are now, although the demand also increased substantially over the same period.
A monthly breakdown of the housing inventory for the Greater Nashville area
The data provided lists the inventory for each month through April of 2021, along with the number of closings for residentail and non-residential properties. We also provide the median price per closing and the number of days on market (average) as well. The counties in the data are:
The data provided is from Realtracs Solutions. We have not yet received data for May, which should be released in the middle of June.
The inventory total for the greater Nashville area in January of this year was 5,381 listings. There were 2,745 home closings in January, among which included 2,197 residential closings, 346 condominiums, 186 family/land/lots and 16 multi-family closings. The median sale price for residential homes in the Greater Nashville area for January was $344,920. The average number of days on market was 26.
There was a slight reduction in inventory for February. In total, the inventory included 4,447, among which were 2,507 residential listings. The total amount of closings was 2,919 (2,327 residential). The median sale price for homes in the Greater Nashville area in February of 2021 was $357,150. The average price per condo was $255,495. The average number of days on market was 28.
The inventory for March of this year was 4,504 for the greater metro area, with 2,627 of those listings being residential. There were far more closings in March, totaling 3,787 and 3,017 were residential closings. For the third consecutive month, the median sale price increased in the Greater Nashville area from $357,150 to $367,090 (for residential properties). The average number of days on market was 27.
The total housing inventory remained stable in April with 4,534 (2,742 residential). For the fourth month in a row of 2021, the median sale price for residential homes increased a notable amount, jumping almost $18,000 to $385,000. The demand remained high in April as well. In total, there were 3,233 closings and 3,837 pending. The average number of days on market was 26.
Is it a good time to buy a house in the Greater Nashville area?
The inventory for the Greater Nashville area remains high, and the demand for homes in the area could decrease or stagnate in the summer months. This means there is plenty of residential (and non-residential) properties for residents and future residents of the Greater Nashville area to choose from. The inventory could see a drop off toward the end of the year, making this summer an ideal time to purchase.
EXIT Realty Bob Lamb & Associates is Murfreesboro’s most innovative real estate team.
EXIT Realty Bob Lamb & Associates
2630 Memorial Blvd, Murfreesboro, TN 37129