First Quarter Home Sales Show Signs of Rising Demand and Dwindling Supply

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There were 3,805 home closings reported for the month of February, according to figures provided by Greater Nashville REALTORS®. This figure is up half a percent from the 3,787 closings reported for the same period last year.

Data for the first quarter of 2022 showed 9,378 closings, nearly half a percent increase from the 9,338 closings during the first quarter of 2021.

“This year’s increase in home sales during the first quarter is proof of the strong demand because the number of new listings hitting the market is down 20 percent over the same time period in 2021,” said Steve Jolly, Greater Nashville Realtors president.

A comparison of sales by category for March is:

 

A comparison of sales by category for the first quarter is:

There were 3,414 sales pending at the end of March, compared to 3,899 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 $461,620 and for a condominium, it was $319,690. This compares with last year’s median residential and condominium prices of $367,090 and $259,900respectively.

Inventory at the end of March was 3,685 down from 4,504 in March 2021.

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

 

“Rising prices and skyrocketing interest rates are a one-two punch to the gut for today’s homeowners,” Jolly added. “It’s never been more important for buyers to have the advice and assistance of an expert Realtor who can guide them to success in this real estate market.”

For more information about Greater Nashville market data or to schedule an interview, please contact Blake Stewart at 615-513-9145.

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.

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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