Nashville Real Estate Market Update: May 2022

Here’s a look at the Davidson County market for all property types in May 2022.

Another month, another market update has arrived for Davidson County! Here’s a breakdown of what happened:

• Median sales price: $470,280 | +22.2%

• New listings: 1,556 | -12.1%

• Homes for sale: 2,029 | -54.4%

• Pending sales: 1,391 | -10.5%

• Closed sales: 1,275 | -14.9%

• Days on market: 3 | 0.0%

• Months supply: 1.4 | -56.3%

• Average % of list price: 104.2% | +2.9%

• Median price per sq. ft.: $278 | +16.8%

• Dollar volume: $791,691,512 | +5.1%

What’s it all mean? Demand is still running strong in Nashville, met with a limited supply of housing. The median sales price grew to just over $470k in Davidson County, with no turnaround in sight. Buyers are quickly jumping on what becomes available as soon as it hits the market, and paying an average of 4% over list price within about 3 days of the property becoming available. Nashville has about 1.4 months left of housing supply, which falls short in comparison to the number of people moving here.

If you’d like more information and stories on Nashville’s real estate market, check out my favorite sources: The Tennessean on real estate, the weekly Nashville Ledger, and the Nashville Business Journal on residential real estate. Or connect with me to get my take on the low-down and what you can do to get in the game.