Inventory Increases Across Middle Tennessee Housing Market

NASHVILLE, Tenn. (June 7, 2018)There were 3,767 closings reported for the month of May, according to figures provided by Greater Nashville REALTORS®. This represents a 4.5 percent decrease from the 3,943 closings reported for May 2017.

 

Year-to-date closings total 15,396, a 1 percent decrease compared to the 15,606 closings reported through May 2017.

 

“Greater Nashville had a record setting month last year in May 2017 with the highest number of closings in one month in the history of the region. It is not surprising to see a normalization of the sales in May 2018,” said Greater Nashville REALTORS® President Sher Powers. “The higher number of homes under contract at the end of May 2018, compared to last year, sets the stage for what could be a very strong month of June.”

 

“Even with rising interest rates we see a healthy and vibrant market with continued strong sales numbers.”

 

         A comparison of sales by category for May is:

 

2017

2018

CLOSINGS

3,943

3,767

 Residential

3,221

3,135

 Condominium

461

403

 Multi-Family

29

31

 Farms/Land/Lots

232

198

 

There were 3,575 properties under contract at the end of the month, compared to the 3,540 properties under contract at this time last year. The average number of days on the market for a single-family home was 28 days.

 

“The increase in residential and condominium inventory is very healthy for the market. We saw a substantial inventory increase in both residential single-family homes and condominiums. This helps balance out a market that has seen a much lower inventory supply.”

 

The median residential price for a single-family home during May was $299,900 and for a condominium it was $226,000. This compares with last year’s median residential and condominium prices of $279,142 and $205,000, respectively.

 

Active inventory at the end of May was 9,511 which increased from 8,557 in 2017. The current inventory of properties by category, compared to last year, is:

 

2017

2018

INVENTORY*

8,557

9,511

 Residential

5,580

6,460

 Condominium

504

668

 Multi-Family

54

76

 Farms/Land/Lots

2,419

2,307

 

About Us: 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.

 

View the May 2018 Market Data Infographic | PDF