Despite April often being labeled as the height of the busy spring market, the market saw a bit of a slowdown last month compared to just one month prior.
According to data from the Greater Nashville REALTORS®, the month of April brought 2,763 residential closings, which is down slightly from 2,783 in March. Condo sales in the Nashville area were also on the decline in April, dropping from 397 closings in March to just 355 closings in April.
The good news, however, is that available inventory was on the rise last month, increasing from 7,276 residential units on the market in March to 7,605 residential units available in April.
Median home and condo prices remained fairly steady from March to April, with the median residential price overall increasing from $273,500 to $275,000, and the median condo price actually dropping from $199,900 to $195,255.
The number of days properties are sitting on the market also fell from March to April this year, going from 50 days down to 47 days.