See how Nashville home sales finished the first quarter
Middle Tennessee’s home sales continue to hold steady.
A recent report from Greater Nashville Realtors found home sales in March were 0.5% higher than the same period last year. There were 3,805 closings last month compared to 3,787 in March 2021.
March also marks the end of the first quarter of the year, and the 0.5% increase in sales holds true. There were 9,338 closings at the end of the first quarter of 2021 compared to 9,378 this year.
“This year’s increase in home sales during the first quarter is proof of the strong demand because the number of new listings hitting the market is down 20 percent over the same time period in 2021,” Steve Jolly, president of Greater Nashville Realtors, said in a news release.
Middle Tennessee’s housing inventory at the end of the month was 3,685, down from 4,505 last March.
Of that number, 2,298 are single family homes and 311 are condominiums, compared to last March when there were 2,627 and 709, respectively.
The majority of sales in March were single family homes (2,948), followed by condominiums (598).
At the end of the month there were 3,424 pending sales, compared to 3,899 in March 2021. The average number of days on the market for a single-family home was 25 days.
The median price for a single-family home at the end of March was $461,620, and $319,690 for a condominium, compared to last year’s medians of $367,090 and $259,900, respectively.
“Rising prices and skyrocketing interest rates are a one-two punch to the gut for today’s homeowners,” Jolly said in the release.
Greater Nashville Realtor’s data represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.