Nashville continues to be Hot, Hot, Hot
February 26, 2021According to a recent report, Nashville ranks among the fastest-selling housing markets in the nation.
The average home in Greater Nashville sold in 21 days this past month, the same as Cincinnati, according to the latest Re/Max National Housing Report. The report surveys 53 markets across the U.S., including Nashville.
Cincinnati and Nashville tied for third behind Omaha, Nebraska, at 18 days and Boise, Idaho, at 19 days.
In addition, Nashville home prices are up 10.5% from a year ago and the months supply of inventory is down 35% compared to last year, according to the Re/Max report. The median sale price in Nashville in January was $325,950, up from $295,000 in January 2020.
Homes in Nashville are selling almost twice as fast as the national average. Nationally, the average days on market for homes sold in January was 40, up three days from the average in December 2020 and down 19 days from the average in January 2020, according to Re/Max.
None of the 53 metro areas saw a year-over-year decrease in median sales price. The cities that saw the largest increases in median sales price were:
- Boise, up 24.3%
- Pittsburgh, up 21.3%
- Indianapolis, up 20.5%
The supply of homes in Greater Nashville fell in January, according to the Re/Max report, but the months supply of inventory rose as the pace of sales declined from December. The number of months it would take to sell all of the homes currently listed measures the balance between a buyer’s or seller’s market. A balanced market is considered a 5 1/2-to-6-month supply of homes. If the supply is lower, it is a seller’s market, and if it is higher, it is considered a buyer’s market. The Greater Nashville inventory of homes stood at 2.4 months in January, up from 1.5 in December, but a 35% drop from 3.6 months in January 2020.
