Demand for Homes Continues to Outpace Supply

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There were 2,924 home closings reported for the month of February, according to figures provided by Greater Nashville REALTORS®. This figure is up .2 percent from the 2,919 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 February is:

There were 1,338 sales pending at the end of February, compared to 3,229 pending sales at this time last year. The average number of days on the market for a single-family home was 29 days.

The median price for a residential single-family home was $446,175, and for a condominium, it was $329,837. This compares with last year’s median residential and condominium prices of $357,150 and $255,495 respectively.

Inventory at the end of February was 3,378, down from 4,477 in February 2021.

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

“The demand for homes in Middle Tennessee 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.

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