Price increases continue for Nashville real estate market
Persistent lack of inventory in the Nashville real estate market continues to drive home prices up. Greater Nashville Realtors reported there were 2,649 home closings in the month of January, down three percent from the 2,745 closings reported for the same month last year. Supply chain issues heavily contributed to the sales decline in 2021 and Greater Nashville Realtors president, Steve Jolly, says, “This lack of housing inventory will continue to be a problem in 2022.” The median price for a residential single-family home has skyrocketed, from $344,920 last year to $425,000 currently. Total inventory at the end of January was 3,510, down from 5,381 in January 2021. With demand showing no signs of slowing, it is crucial for buyers and sellers to rely on an experienced Realtor to navigate this market. Omni is eager to help you find your next investment property in Nashville. See an overview of our real estate investment services HERE.