Hottest year in Nashville's real estate history cooling off to pre-pandemic levels

NASHVILLE, Tenn. (WZTV) — According to the Greater Nashville Realtors (GNR), there were 3,459 home closings in the Greater Nashville region reported for the month of July indicating a 19 percent decrease compared to the 4,314 closings in July of 2021.

"While a nineteen percent volume decrease year-over-year seems like a huge number, last year was the hottest real estate market in Nashville's history,” said GNR President Steve Jolly. “Slowly transitioning to a more balanced market is healthy for Nashville and Middle Tennessee."

There were 2,682 sales pending at the end of July, compared to 3,365 pending sales at this time last year. The average number of days on the market for a single-family home was 28 days.

The median price for a residential single-family home was $490,000 and for a condominium, it was $347,745. This compares with last year’s median residential and condominium prices of $415,075 and $292,735 respectively.

"The supply of homes has increased, but not enough to significantly affect the momentum of the market,” Jolly added. “That's good news as prices are holding steady even with the supply increasing. I expect prices to rise again when rates get close to five percent consistently."

The data collected for this report represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.

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