Market Update for April 2021, Greater Nashville

NASHVILLE, Tenn. (May 7, 2021) – 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:

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:

“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.

The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson. Provided by Greater Nashville Association of REALTORS.