Home sales hit 2,649 closings for January 2022, according to data provided by Greater Nashville REALTORS®. This figure is down three percent from the 2,745 closings reported for the same period last year.
“Home sales declined in 2021 due to supply chain problems, difficulty finding land, and extended delays with planning and codes. This lack of housing inventory will continue to be a problem in 2022.” said Steve Jolly, Greater Nashville Realtors president.
Additionally, the data showed a total of 2,898 pending sales at the end of January 2022, compared to 3,609 pending sales at this time last year. The average number of days on the market for a single-family home was 29 days.
The median price for a residential single-family home was $425,000 and for a condominium, it was $308,685. This compares with last year’s median residential and condominium prices of $344,920 and $247,750 respectively.
Inventory at the end of January 2022 was 3,510 down from 5,381 in January 2021. What a dramatic change in just one year!
If you are interested in finding out what your home is worth, please contact me at LW@homeinmusiccity.com and let me do a personalized Real Estate Review for you!
Figures are provided by Greater Nashville Realtors®. The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson, and Wilson.
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