Home closings rise 24 percent in one year, signaling low stock is on high rotation

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NASHVILLE, Tenn. (WKRN) – Home sales are growing leading into summer, increasing 24 percent over last year. This means housing inventory in our area is going under contract and closing quickly.

“The message here as a buyer is you can’t wait to buy,” Brian Copeland, President of Greater Nashville Realtors said. Because the stock will change, the numbers continue to go up while the stock goes down; it’s just moving a lot faster.”

Data from Greater Nashville Realtors showed 4,063 home closings in the month of May, compared to  3,267 closings reported for the same period last year.    

Figures provided by Greater Nashville Realtors

There were 3,778 sales pending at the end of May, compared to 4,085 pending sales at this time last year. The average number of days on the market for a single-family home was 35 days.

“You have to make that offer quickly,” Copeland said. “Keep in mind you have due diligence; that’s the time where if there’s an inspection issue, title issue, financing issue, you’re working with a great realtor who can help navigate you through the contract, so you don’t have to feel completely tied in. Of course, when we go to contract, we want to keep the contract, but know there are options for you beyond that.”

Copeland said with high demand and low inventory, he and Greater Nashville Realtors are working with Metro to keep affordable housing on the forefront of everyone’s mind.

The median price for a residential single-family home was $400,000 and for a condominium, it was $277,900. This compares with last year’s median residential and condominium prices of $329,900 and $225,000 respectively.

“Our prices are starting to correct, but not going to be anywhere near those A-level cities,” Copeland said. “They’re going to hopefully stay at a point that’s still approachable for those who want to come in, but we will see that urban core in Nashville increase and correct higher.”

Total inventory at the end of May was 4,308, down from 10,001 in May 2020. However, great news when it comes to multi-family living, year-over-year inventory in that sector is growing.

Figures provided by Greater Nashville Realtors