Real Estate Inventory Rises to its Highest Since Nov. 2020

There were 3,982 home closings reported for the month of May, according to figures provided by Greater Nashville REALTORS®. This figure is down 2 percent from the 4,063 closings reported for the same period last year.

“Residential single-family home inventory grew 47 percent over the last month as the combination of higher prices and skyrocketing interest rates limit what buyers can afford,” said Steve Jolly, Greater Nashville REALTORS® president. At the same time, the median sales price of residential single-family homes hit an all-time high of $498,785.”

A comparison of sales by category for May is:

There were 3,381 sales pending at the end of May, compared to 3,778 pending sales at this time last year. The average number of days on the market for a single-family home was 25 days.

The median price for a residential single-family home was $498,785 and for a condominium, it was $340,506. This compares with last year’s median residential and condominium prices of $400,000 and $277,900 respectively.

Inventory at the end of May was 5,836, up from 4,308 in May 2021.

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

“We don’t expect prices to fall anytime soon in Middle Tennessee,” Jolly added. “Most economists expect interest rates to fall when the Federal Reserve has inflation under control. Currently, buyers have more homes to choose from than at any time since November 2020. If you’ve been frustrated with this market, it might be a good time to reach out to your trusted REALTOR® and take another look.”

June marks National Homeownership Month, which recognizes the value of homeownership to individuals, families, communities and the nation’s economy. Realtors are on a mission to protect homeownership rights for all consumers, That’s Who We “R,” Realtors.

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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