Lack of inventory continues to drive up home prices

There were 2,649 reported home closings for the month of January, according to figures provided by Greater Nashville REALTORS®. This figure is down 3% from the 2,745 closures reported for the same period last year.

“Home sales declined in 2021 due to supply chain issues, difficulties finding land, and extended delays with planning and codes,” said Steve Jolly, president of Greater Nashville Realtors. “This lack of housing inventory will continue to be a problem in 2022.”

A comparison of sales by category for January is:

There were 2,898 pending sales at the end of January, compared to 3,609 pending sales at the same time last year. The average days on the market for a single-family home was 29 days.

The median price of a residential single-family home was $425,000 and that of a condominium was $308,685. That compares to median home and condo prices of $344,920 and $247,750 respectively last year.

Inventory at the end of January was 3,510, compared to 5,381 in January 2021.

The current inventory of properties by category, compared to last year, is:
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“With record levels of demand and a limited number of homes for sale, buyers and sellers need more than ever to rely on a real estate agent to help them find their way home,” Jolly added.

About Greater Nashville REALTORS®: One of Central Tennessee’s largest professional trade associations and the leading voice of Nashville-area real estate owners. REALTOR® is a registered trademark that can only be used by real estate professionals who are members of the National Association of Realtors® and subscribe to its strict code of ethics.

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

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