May 2021 Market Update

As Summer approaches, home sales continue to rise in Middle TN. There were 4,063 home closings in May of 2021, a 24% increase from the same period the year prior. “This type of increase shows how quickly our area’s home inventory is going under contract and closing,” said Brian Copeland, Greater Nashville Realtors president. “Buyers must remember, there are great homes out there. You can’t sit on the sidelines as prices and interest rates rise, but you have to make quicker decisions than prior markets.”

At the end of May, there were 3,778 pending sales and the average single family home sat on the market for 35 days. “The lack of inventory is staggering. Realtors are doing everything we can to bring fresh properties to the marketplace. I encourage every homeowner to reach out to their Realtor to see what their home could potentially sell for. We rarely see prime selling windows like this one,” added Copeland.

Source: Greater Nashville REALTORS

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