Nashville home prices soar as supply lags

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."