Demand for Homes Continues to Outpace Supply

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There were 3,818 home closings reported for the month of April, according to figures provided by Greater Nashville REALTORS®. This figure is down 7 percent from the 4,119 closings reported for the same period last year.

“The number of new listings versus the number of sales in a 30-day period is a way to measure the short-term supply,” said Steve Jolly, Greater Nashville Realtors president. “Over the last five years, Greater Nashville averaged selling 69 homes for every 100 homes that were listed for sale. In February 2022, there were 94 sales for every 100 homes to hit the market. Since 2018, the number of homes sold increased 21 percent. The number of opportunities to buy a home is growing, however, it cannot keep up with the current demand.”

A comparison of sales by category for April is:

housing report may 9 2022

There were 3,282 sales pending at the end of April, compared to 3,837 pending sales at this time last year. The average number of days on the market for a single-family home was 26 days.

The median price for a residential single-family home was $480,000, and for a condominium, it was $337,628. This compares with last year’s median residential and condominium prices of $385,000 and $264,525 respectively.

Inventory at the end of April was 4,314, down from 4,534 in April 2021.

The current inventory of properties by category, compared to last year, is:

housing inventory report may 9 2022

“The demand for homes in Middle Tennesse is greater than it was at this time last year,” Jolly added. It’s never been more important for buyers and sellers to have a trusted Realtor to help them achieve their goals.”

For more information about Greater Nashville market data or to schedule an interview, please contact Blake Stewart at 615-513-9145.

About Greater Nashville REALTORS®: 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.

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