Is Nashville, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Nashville has remained a Seller's Market.
Housing Prices in Nashville, TN
How much do homes in Nashville, TN cost?
Median Sold Price
$531,422
$312/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Nashville was $531,422 in May 2024, up 3.4% from last year, and the median price per square foot was $312.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $343.8K | $324.9K | -5.5% |
2 Bedrooms | $389.9K | $399.9K | +2.6% |
3 Bedrooms | $494.1K | $505.2K | +2.3% |
4 Bedrooms | $762.3K | $758.2K | -0.5% |
5+ Bedrooms | $1.5M | $1.7M | +14.7% |
Summary: Nashville housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.5%, 2 bedroom homes increased by 2.6%, 3 bedroom homes increased by 2.3%, 4 bedroom homes decreased by 0.5%, and 5+ bedroom homes increased by 14.7%.
Median Sold Price Compared To Nearby Cities
Belle Meade | $2.4M | $3.1M | +28.0% |
Oak Hill | $1.6M | $1.8M | +14.4% |
Nashville | $513.9K | $531.4K | +3.4% |
Berry Hill | $457.5K | $400K | -12.6% |
Forest Hills | $2.1M | $1.8M | -13.4% |
Housing Supply in Nashville, TN
How many homes are available in Nashville, TN?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
3,587 | 3,832 | +6.8% |
Summary: The Nashville real estate market had 3,832 homes for sale in May 2024, a 6.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 273 | 314 | +15.0% |
2 Bedrooms | 613 | 662 | +8.0% |
3 Bedrooms | 1,420 | 1,492 | +5.1% |
4 Bedrooms | 921 | 970 | +5.3% |
5+ Bedrooms | 360 | 394 | +9.4% |
Summary: The Nashville housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 15%, 2 bedroom homes increased by 8%, 3 bedroom homes increased by 5.1%, 4 bedroom homes increased by 5.3%, and 5+ bedroom homes increased by 9.4%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
700 | 728 | +4.0% |
Asking Price vs. Sold Price
414 Homes Were Sold
Under Asking
200 Homes Were Sold
At Asking
113 Homes Were Sold
Over Asking
Summary: A total of 728 homes were sold or pending in Nashville in May 2024, up by 4.0% month-over-month. Of the 727 sold homes, 57% were sold under asking, 28% were sold at asking, and 16% were sold over asking.
Days on Market for Nashville, TN
How long does it take to sell a home in Nashville, TN?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
24 Days | 28 Days | +17.0% |
Summary: Homes in Nashville had an average of 28 days on market in May 2024, up by 17% compared to last year.
Breakdown of Home Sale Times
517 Homes Were Sold
Under 30 Days
146 Homes Were Sold
In 30 - 90 Days
59 Homes Were Sold
Over 90 Days
Summary: During May 2024, 728 homes were sold in Nashville; 71% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.