Jun 8, 2022 - Real Estate

Nashville housing inventory expands as prices rise

Illustration of an upward pointing arrow made from the top of a house
Illustration: Annelise Capossela/Axios

Nashvillians looking to buy a home have more options now than they have in more than a year, but prices have reached an all-time high for the region.

  • The findings, released Tuesday by Greater Nashville Realtors, show that inventory of single-family homes shot up 47% over the last month as high prices and interest rates reined in some buyers.

Why it matters: Low inventory has been a key factor complicating the market for buyers in Middle Tennessee, driving lightning-fast home sales. But the latest figures show the supply of homes for sale has grown to its highest level since November 2020.

What they're saying: Steve Jolly, Greater Nashville Realtors president, said the inventory bump could offer some relief to frustrated buyers who want time to breathe as they make their decision.

Yes, but: That relief comes with a cost. Nashville-area home prices have only continued to grow.

  • The median price for a residential single-family home was $498,785 in May, up from $400,000 a year ago.
  • The median cost for condominiums hit $340,506, up from $277,900 last year.
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