Area home sales continue falling

BY WILLIAM WILLIAMS

The Nashville area saw 3,063 home closings in March — a 19 percent decrease from the 3,805 figure of the same month in 2022, according to data compiled by Greater Nashville Realtors.

This follows 2,186 home closings in February, a 25 percent decrease year over year, and 1,802 home closings in January, a 31 percent decrease from the total recorded in January 2022.

Data for the first quarter of 2023 showed 7,051 closings, a 24 percent decrease from the 9,378 closings during the first quarter of 2022. In contrast, there were 8,047 closings reported during the first quarter of 2019. There were 2,954 sales pending at the end of March, compared to 3,415 pending sales at this time last year. Similarly, pending sales have been down each month since September. In March 2019, there were 3,158 sales pending.

The average number of days on the market for a single-family home in March was 54. This compares to a February number of 59 and a January mark of 61. Prior to mid-2022, the monthly days-onthe-market numbers consistently had been in the high 20s.

The median price for a single-family home in March was $465,000. For a condominium, the median price was $327,885. The figures compare with the March 2022 median residential and condominium prices of $461,620 and $319,690 respectively. In 2019, the median price for a residential single-family was $305,000; for a condominium, $223,000.

Daniels began her career in the media industry at the Calgary Sun in Calgary, Alberta, Canada in 2003. She was later recruited to oversee the English-language division of Toronto-based Canoe as director of national sales and marketing.

In 2012, and after moving to Tennessee, Daniels joined The Leaf-Chronicle in Clarksville as sales and marketing director; in 2015, she became general manager. Daniels is survived by her husband of 15 years, Frank Daniels III (former president of Post parent company FW Publishing) of Clarksville, in addition to her mother, siblings, children, step-children, grandchildren and step-grandchildren. Services are pending and will be held at Neal-Tarpley-Parchman Funeral Home in Clarksville.

This story was first published by our sister publication Nashville Post.

Inventory in March was 8,677, up 135 percent from the 3,685 figure of the same month from last year. Inventory continues elevating after multiple months of a lack of homes offered in relation to figures from prior to mid-2022. For comparison, in March 2019, inventory was 11,276.

“Home prices continue to rise in the Greater Nashville area as inventory continues to restrict the market,” Brad Copeland, Greater Nashville Realtors president, said in a release.

“Condominium sales are seeing the greatest growth since the median price of those homes coincides with the buying power of the greatest number of home buyers in the Nashville region,” Copeland added. “While prices remain strong, the supply remains anemic compared to the overall demand.”

The GNR data was collected from Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson counties.

This story was first published by our sister publication Nashville Post.