Nashville real estate for sale and April 2021 market report – You may have heard that it’s a very hot market, and it’s true. Home sales are up 40% and inventory is down 53%. Most new construction is under contract before it’s even started, and any new listings are usually sold the first day on market, usually with multiple offers.
Here are a few of the highlights for Davidson county
- the number of closings of single family homes in April was us 40.3% year over year in April to 1101
- the median sales price for Nashville homes was $395,000 up 15.6% year over year
- the number of available listings dropped 53.2% to 1522
- the absorption rate based on April home sales is 1.4 months
- 340 Nashville condos sold during the month an increase of 77% over last April
- the median sales price of Nashville condos was $273,000 and increase of 20% year over year
One of the oldest rules in business is in play here, they law of supply and demand. We have very high demand here in Nashville with lots of businesses relocating from unfriendly business environments and we have the work from home crowd deciding that they need more space if they are going to work from home. That covers the demand side. Now on the supply side, we have a 53% reduction of listings compared to the same period last year. New home builders cannot get supplies and the ones they do get may cost 3 times what they paid just 12 months ago. Lumber, cabinets, flooring, windows, and appliances are all in short supply. This leads to extended construction times and higher prices for new homes. To a buyer it means you need a good realtor to help you navigate through the process of building a home, selling the one you have, or just looking to buy your first home. If you aren’t prepared for the bidding wars it can be very frustrating. If you have a house or two, more than likely your equity has gone up 15 to 20% in the last 12 months, I can help you get the most out of your sale.
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