Nashville Real Estate Market Update: April 2022
New month, new market update. Here’s what went down in Davidson County for single family homes in April.
Image via Visit Music City.
April market data:
Median sales price: $485,890 | +23.7%
Median price per square foot: $277 | 24.2%
Average list to sales price: 104% | +3.3%
Average days on the market: 9
New listings: 784 | -40.3%
Homes for sale: 3,074 | -34.6%
Pending sales: 1,003 | -12%
Homes sold: 790 | -31.6%
Nashville single family homes median sales price in April 2022.
Nashville single family homes sold in April 2022.
What does it all mean?
Inventory is still trending down, while buyers continue to grab what hits the market and fast. With interest rates currently at 5.1% for a 30-year fixed rate mortgage and out-of-towners moving to Nashville with 30% more budget than locals, some prospective homeowners are getting sidelined.
If you’re thinking about purchasing a home in Nashville within the next year, here are some tips to get the ball rolling in this wild and crazy market:
Tip #1: Get a head start on your loan pre-approval process by understanding where your finances are compared to where they need to be. There’s no better time than now to start anything. Talking with a loan officer will help you figure this out, and it’s free. Reach out and I’ll connect you with someone I trust.
Tip #2: Narrow your home search to an area that works for you. Think outside the box. If you work from home, consider looking in zip codes that are 30 miles from the city to stay within a reasonable budget. This may mean you have to travel to do things, but in most cases you’ll be acquiring more square footage, perhaps an updated home, and decent yard for a better price.
Tip #3: Always be looking! Keeping an eye on the market will help you in the long run. Watch to see how prices are trending and in which areas. Where are new businesses popping up? Which areas are people migrating towards? I’m always on the search for the next frontier: Old Hickory, Greenbrier, Goodlettsville, Ashland City, Clarksville, Whites Creek and Dickson are all interesting areas on my radar and should be on yours, too.
Check out what’s available to purchase in these areas under $350,000.
Well, there you have it! If you’re curious about any of these hot topics or want to gossip more about Nashville real estate, I’d love to chat. All data provided by Nashville’s MLS, Realtracs. Stay connected with me and my take on all things Nashville real estate via Instagram, @choicenashville.
