Happy Monday,
GNR should be releasing their data points soon and this is what I expect them to post for Single Family Homes:
The Median Price for a Single Family Home is still rising significantly. Though we are seeing higher active listings, the last few weeks have showed strength not weakness. A lot of the national trends are pointing to more listings and softer spring, so I thought it was possible that March could be the peak price for the year. However, right now contracts are suggesting that April could break the all time high in Median Price for Nashville.
(small variances possible depending on exact timing of pull)
Median Sales Price - $492K:
Up ~3% MoM / Up ~6% YoY.
Down 1.5% from 2022 peak of $500K (May 2022)
Forecast: Prices going into April will continue to move up ~$500-505K. It will be close but we are likely to break the all time median sales price in Greater Nashville. Unbelievable.
Inventory:
~6,478 (Active Listings + Under Contract - Showing) vs last year 6,066
Inventory is beginning to build in the lower price bands among existing homes (not new builds). This will bring price relief if this continues.
Davidson County Active Listing Growth is primary driver
Close Volume:
~2,216 down 7% from last year’s 2,392. I said last month that “March close volume is likely to be down” and that happened however, demand (contract volume) is basically flat to last year. We will likely have flat closed volume for April.
Thanks for reading! Paid Links Below: FHA Assumable Listings, NHI Neighborhood Tracker