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The Nashville area in April saw a 7 percent dip in residential sales and a major increase in the median prices of single-family homes and condominiums — the result, in part, of limited supply.

According to a release from the Greater Nashville Realtors, the nine-county coverage area recorded 3,818 home closings in April, down from the 4,119 closings reported for the same period in 2021.

Similarly, the median price for a residential single-family home was $480,000; for a condominium, it was $337,628. This compares with last year’s median residential and condominium prices of $385,000 and $264,525, respectively.

The release notes there were 3,282 sales pending at the end of April, compared to 3,837 pending sales for the same month last year. The average number of days on the market for a single-family home was 26.

Inventory for the month was 4,314, down from 4,534 in April 2021.

Steve Jolly, Greater Nashville Realtors president, said in the release the number of new listings versus the number of sales during a 30-day period is helpful in measuring short-term supply.

"Over the last five years, Greater Nashville averaged selling 69 homes for every 100 homes that were listed for sale,” Jolly said. “In February 2022, there were 94 sales for every 100 homes to hit the market. Since 2018, the number of homes sold increased 21 percent. The number of opportunities to buy a home is growing; however, it cannot keep up with the current demand."

The GNR data collected represents Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson counties.