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May 24, 2024

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Lack of Inventory Drives Home Prices Up

Inventory's down, price's are up.

In Rutherford County, home prices continue to soar. There were 2,649 home closings reported for the month of January, according to figures 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,” said Steve Jolly, Greater Nashville Realtors president. “This lack of housing inventory will continue to be a problem in 2022.”

A comparison of  home prices by category for January is:

There were 2,898 sales pending at the end of January, 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.

Coverage Briefing

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 was 3,510, down from 5,381 in January 2021.

“With record levels of demand and a limited number of homes for sale, more than ever buyers and sellers need to rely on a Realtor to help them find their way home,” Jolly added.

The current inventory of properties by category, compared to last year, is:

Coverage Briefing

About Greater Nashville REALTORS: One of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR is a registered trademark that may be used only by real estate professionals who are members of the National Association of REALTORS and subscribe to its strict code of ethics.

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