The Greater Nashville Association of Realtors has released numbers from last month, and for the most part, activity is continuing to trend in the same direction as recent months. In all, there were 3,698 closings throughout the Nashville area during the month of May, which is just under a 4% increase from May of 2015. Despite showing a somewhat slower growth rate compared to the early part of 2016, year-to-date sales are still up 8.8% overall compared to 2015.
Home prices in Nashville are also on the rise, up an astounding 10% from this time last year. As previously noted in several other market updates, the steady increase in prices relates directly to a tightening inventory that only seems to shrink even more as we make our way though the busy spring market. The median home price in May for houses in the Nashville market officially hit $258,900, while the inventory has dropped to below a three month supply at 8,281 single-family homes currently listed.
When it comes inventory limitations, however, Nashville certainly isn’t alone. Inventory levels on a national scale are also down 3.6% compared to 2015, which continues to be a driving factor in increased home prices all over the country.
Also noted the The Greater Nashville Association of Realtors was that the inventory of condos and multi-family properties actually made slight gains last month compared to April, but are sill at a lower level compared to 2015.