The Greater Nashville area is experiencing a gradual shift in its housing market, offering promising opportunities for both buyers and sellers. According to data from Greater Nashville Realtors, May 2024 saw a modest yet encouraging 2% increase in home closings, totaling 3,509, compared to 3,436 closings in May 2023.
Examining the numbers more closely reveals a nuanced picture of the current market. Residential sales rose slightly from 2,736 in May 2023 to 2,776 in May 2024. The condominium market also saw growth, with closings increasing from 507 to 540 over the same period. Multi-family property sales nearly doubled, jumping from 14 to 23 closings, while farm, land, and lots saw a slight decline from 179 to 170.
Pending sales at the end of May stood at 2,695, down from 3,024 in May 2023, indicating a slower pace in transactions under contract. However, the average days on the market for single-family homes remained relatively steady at 44 days.
Price trends also reflect a stable market with room for growth. The median price for a residential single-family home increased to $499,996 from $479,900 last year, while condominium prices rose slightly from $349,900 to $351,000.
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One of the most significant developments in the Greater Nashville housing market is the increase in inventory. At the end of May, active listings reached 10,670, marking a 14% rise from the 9,314 listings reported in May 2023. This increase represents the highest inventory level seen since pre-pandemic times, offering buyers more options and potentially greater leverage in negotiations.
The inventory increases span across all property categories. Residential listings rose from 6,536 to 7,252, while condominium listings saw a substantial jump from 1,025 to 1,596. Multi-family property listings increased from 58 to 91, and farm, land, and lots saw a slight rise from 1,695 to 1,731.
June, being National Homeownership Month, underscores the value of homeownership to individuals, families, communities, and the nation’s economy. The Federal Reserve reports the net worth of a homeowner is over 40 times greater than that of a renter. Realtors are committed to protecting homeownership rights and ensuring that everyone can achieve this significant milestone. As we celebrate this month, it’s clear that Nashville’s real estate market is evolving to meet the needs of a diverse and growing population. The data from May reflects a balanced market with opportunities for both buyers and sellers, setting the stage for a dynamic summer in real estate.
Kevin Wilson is president of Greater Nashville Realtors. A Realtor is a member of the National Association of Realtors who subscribes to its strict code of ethics. You can reach Kevin at 615-390-5065 or kevin@ourhousenashville.com.
This article originally appeared on Nashville Tennessean: Nashville showing modest, nuanced increase in home sales in May
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