Nashville Real estate for sale and May market report – Nashville is in a sellers market
Nashville real estate sales for the first 5 months of this year are up 7% compared to the same period last year, with 15,606 closing through the end of May. The median sales price of single family homes is up 7.8% for the month of May compared to May of 2016, and the median price of condos is up 5.6% for the same period. The expectation based on current trends is that the prices will continue to rise for the rest of the year.
- the absorption rate of Nashville homes based on May sales is less than 2 months
- the average days on market for homes sold was 27 days
- the median price of homes sold was $279,142 compared to $258,900 the previous May
- the absorption rate of Nashville condos is one month based of May sales and available inventory
- the median sales price of Nashville condos increased 5.6% to $205,000
- 461 Nashville condos sold during the month of May compared to 403 last year and only 504 are currently available for purchase
Nashville real estate is in a very active sellers market with inventory levels shrinking on a monthly basis, driving up the prices of homes and condos to record prices. With the shortage of available lots and the growth in the area, I expect this trend to continue for several years.
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information on this page is based on information on single family homes for sale in Nashville per the Nashville Multiple Listing Services, Inc. and is deemed reliable but, not guaranteed.
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