Area home sales drop deepens | Development | nashvillepost.com – Nashville Post

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Brad Copeland
The Nashville area saw 3,436 home closings in May — a 13 percent decrease from the 3,982 figure of the same month in 2022 — and a continued accumulation of inventory driven, in part, by high mortgage interest rates.
According to data compiled by Greater Nashville Realtors, there were 3,024 sales pending at the end of May, compared to 3,381 pending sales at this time last year. In May 2019, there were 3,940 sales pending.
Brad Copeland
The median price for a single-family home in May was $479,000. For a condominium, the median price was $349,900. The figures compare with the May 2022 median residential and condominium prices of $498,785 and $340,506, respectively.
This follows an April that saw year-over-year dips in the median prices of both single-family homes and condominiums, with the condo figure rising in May and the single-family home price remaining sluggish.  
The average number of days on the market for a single-family home in May was 48. This compares to an April figure of 53 and a March mark of 54. Prior to mid-2022, the monthly days-on-the-market numbers consistently had been in the high 20s.
Inventory at the end of May was 9,314, up 60 percent from the 5,836 active listings reported in May 2022. In May 2019, when homes were selling more quickly after being placed on the market, inventory was 11,576. GNR reports there was 3.5 months of available inventory at May’s end.
“The condo market is thriving in Greater Nashville and signals a trend in first-time homebuyers looking outside of the single-family market,” Brad Copeland, Greater Nashville Realtors president, said in the release. “Combined with closings and sales price increases month-over-month, the market is moving in the right direction.
Many 30-year fixed-rate mortgages now carry an interest rate of upwards of 7.5 percent, thus dissuading would-be buyers and yielding more inventory than otherwise. The conditions have driven many investors out of the Nashville housing market, possibly freeing up inventory for homebuyers.
“With interest rates creeping back up, more owners are choosing to stay in their homes longer to take advantage of their low locked-in rates,” Copeland added. “This continues to have an impact on inventory throughout the market.”
The GNR data was collected from Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson counties.
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