Headline Homes: July 2020

According to a report from Greater Nashville Realtors, single-family home inventory jumped 47 percent from April to May in the multi-county Nashville region.

There were 5,836 homes on the market at the end of May, compared to 4,308 in May 2021.

The findings track with previously reported numbers from Realtor.com, which found that Nashville saw the second-highest annual gain in newly listed homes among major markets at 22.8 percent. In May, the national housing market saw a year-over-year increase in active inventory for the first time since June 2019.

An increase in inventory has not meant a drop in prices, however, as the Nashville area saw its median sales price for a single-family home climb to an all-time high of $498,785.

Additionally, the median price for a condo was $340,506 in May, compared to the May 2021 mark, when the median condo was going for $277,900.

"Residential single-family home inventory grew 47 percent over the last month as the combination of higher prices and skyrocketing interest rates limit what buyers can afford," Greater Nashville Realtors President Steve Jolly said in a release.  

The average single-family home was on the market for 25 days in May. The market studied by Greater Nashville Realtors includes Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson counties.

"We don't expect prices to fall anytime soon in Middle Tennessee," Jolly said. "Most economists expect interest rates to fall when the Federal Reserve has inflation under control. Currently, buyers have more homes to choose from than at any time since November 2020. If you've been frustrated with this market, it might be a good time to reach out to your trusted Realtor and take another look."