Middle Tennessee Home Prices Dramatically Increase Over Past Year

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Data for the month of April showed 4,119 home closings, according to figures provided by Greater Nashville Realtors. This figure indicates a 43 percent increase from the 2,887 closings reported for the same period last year.

“As a national city in the spotlight, Nashville’s real estate has had story after story reported about how low our inventory is,” said Greater Nashville Realtors president, Brian Copeland.  “What is not being told as freely is that there are homes to be bought here at a realistic and reachable price. Buyers simply can’t wait on the sidelines to decide as they may have been able to do a decade prior.”

A comparison of sales by category for April is:

Year 2020 2021
CLOSINGS 2,887 4,119
Residential 2,480 3,233
Condominium 286 570
Multi-Family 9 32
Farm/Land/Lots 112 284

There were 3,837 sales pending at the end of April, compared to 3,050 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 $385,000 and for a condominium it was $264,525. This compares with last year’s median residential and condominium prices of $330,000 and $228,500 respectively.

Inventory at the end of April was 4,534 down from 9,976 in April 2020.

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

Year 2020 2021
INVENTORY 9,976 4,534
Residential 7,074 2,742
Condominium 885 654
Multi-Family 54 63
Farm/Land/Lots 1,963 1,075

“While inventory is tight, prices will only get more aggressive in the coming months. Some may use the cliché, real estate bubble, but all indicators show a market correction that has been delayed for years. Nashville’s economy matched with strong corporate relocation gives us a formula for continued market momentum,” added Copeland.

About Greater Nashville REALTORS®
Greater Nashville REALTORS® is 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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