Nashville-area home sales surged 43 percent in April from the mark of the same month in 2020.
April’s numbers come after a March that saw a 13 percent jump and a February and a January that both enjoyed a 4 percent increase compared to the prior-year figures. Specifically, Greater Nashville Realtors said there were 4,119 residential property closings in April, up from the 2,887 closings in the same month of last year — when the COVID-19 pandemic was laying low many parts of the economy.
In addition, 3,837 sales were pending at the end of April compared to 3,050 sales pending from the same month in 2020.
The median price for a single-family home continues to climb: In April, it was $385,000, up nearly 17 percent from the $330,000 in the same month of a year earlier. For a condominium, the median price was $264,525, up from $228,500 for April 2020.
As has been a trend, Middle Tennessee’s housing inventory remains very low. At the end of April, inventory was just 4,534 units versus 9,976 in April 2020. In March, the number was 4,504 compared to 9,677 in March 2020. The February inventory was at 4,477 versus 9,093 in February 2020.
The average number of days on the market for a single-family home in April was 26. In March, the number was 27, in line with February's mark of 28 and January's 26. From last April to August, the average number of days per month was about 32, well below the 40-day figure from January 2020.
“As a national city in the spotlight, Nashville’s real estate has had story after story reported about how low our inventory is,” Brian Copeland, GNR president, said in the release. “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.
“While inventory is tight, prices will only get more aggressive in the coming months,” Copeland added. “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.”
The data collected represents figures from nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.