April 2021 Market Update

According to Greater Nashville Realtors, April 2021 brought 4,119 home closings a 43% increase from the 2,887 closings in April 2020. “As a national city in the spotlight, Nashville’s real estate has had story after story reported about how low our inventory is,” said Greater Nashville Realtors president, Brian Copeland.  “What is not being told as freely is that there are homes to be bought here at a realistic and reachable price. Buyers simply can’t wait on the sidelines to decide as they may have been able to do a decade prior.”

A single-family homes that closed in April sat on the market for an average of 26 days. At the end of April, there were 3,837 pending sales and the median price of a residential single family home in the Greater Nashville area was $385,000 and $264,525 for a condo. This compares with last year’s median residential and condominium prices of $330,000 and $228,500.

Inventory at the end of April was down to 4,534 as compared to 9,976 in April 2020. “While inventory is tight, prices will only get more aggressive in the coming months. Some may use the cliché, real estate bubble, but all indicators show a market correction that has been delayed for years. Nashville’s economy matched with strong corporate relocation gives us a formula for continued market momentum,” added Copeland.

This data comes from Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.

Source: Home Sales Show Dramatic Increase From This Time Last Year – Greater Nashville REALTORS®

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