Home Prices Remain Strong as Inventory Continues to Restrict Market

0
914

Data for the month of March showed 3,063 home closings, according to figures provided by Greater Nashville Realtors®. This figure indicates a 19 percent decrease from the 3,805 closings reported for the same period last year. In March 2019, there were 3,237 closings reported.

*Greater Nashville Realtors leadership has made the decision to include 2019 data in their comparisons to provide more context to current market conditions. This is the first home sale release to include this data. For more information on why this change has been made, you can read that here.

Data for the first quarter of 2023 showed 7,051 closings, a 24 percent decrease from the 9,378 closings during the first quarter of 2022. In March 2019, there were 8,047 closings reported during the first quarter.

“Home prices continue to rise in the Greater Nashville area as inventory continues to restrict the market,” said Brad Copeland, Greater Nashville Realtors president.

A comparison of sales by category for March is:

march 2023 real estate stats
from Greater Nashville Realtors

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

march 2023 real estate stats
from Greater Nashville Realtors

There were 2,954 sales pending at the end of March, compared to 3,415 pending sales at this time last year. In March 2019, there were 3,158 sales pending. The average number of days on the market for a single-family home in March was 54 days.

The median price for a residential single-family home was $465,000 and for a condominium, it was $327,885. This compares with last year’s median residential and condominium prices of $461,620 and $319,690 respectively. In 2019, the median price for a residential single-family was $305,000 and for a condominium, it was $223,000.

There were 8,677 active listings reported for the month of March, according to figures provided by Greater Nashville REALTORS®. This figure indicates a 135 percent increase from the 3,685 active listings reported for the same period last year. In March 2019, inventory was 11,276.

Currently, there are 3.5 months of available inventory in the Greater Nashville region.

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

march 2023 real estate stats
from Greater Nashville Realtors

“Condominium sales are seeing the greatest growth since the median price of those homes coincides with the buying power of the greatest number of home buyers in the Nashville region,” Copeland added. “While prices remain strong, the supply remains anemic compared to the overall demand.”

About Us 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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here