May 10, 2022 - Real Estate

Nashville home prices soar as supply lags

Illustration of a "for sale" sign with a digital clock counting down from 5 seconds, then showing the blinking word "sold."
Illustration: Brendan Lynch/Axios

Nashville area home prices continue to rise, but supply is not keeping up with demand, according to new data from the Greater Nashville Realtors.

  • Single-family homes were on the market for an average of just 26 days last month.

By the numbers: There were 3,818 residential closings in April, down 7% compared to April 2021.

  • The median single-family home price was $480,000, compared to $385,000 a year ago.
  • Total inventory is also down slightly to 4,314 homes, compared to 4,535 in 2021.

What he's saying: "Since 2018, the number of homes sold increased 21%," GNR president Steve Jolly said in a press release. "The number of opportunities to buy a home is growing, however, it cannot keep up with the current demand."

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