2023 Offers a More Stabilized Market for Home Buyers

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There were 1,802 home closings reported for the month of January, according to figures provided by Greater Nashville REALTORS®. This figure is down 31 percent from the 2,649 closings reported for the same period last year.

“The Greater Nashville region continues to see rising prices, although the rate has slowed compared to the last couple of years,” said Brad Copeland, Greater Nashville Realtors president.

A comparison of sales by category for January is:

january home sales 2023
from Greater Nashville REALTORS®

There were 2,567 sales pending at the end of January, compared to 2,898 pending sales at this time last year. The average number of days on the market for a single-family home was 61 days.

The median price for a residential single-family home was $450,000, and for a condominium it was $325,000. This compares with last year’s median residential and condominium prices of $425,000 and $308,685 respectively.

Inventory at the end of January was 8,572, down from 3,510 in January 2022.

The current inventory of properties by category, compared to last year, is:

january home sales 2023 (2)
from Greater Nashville REALTORS®

“Current inventory levels tell us that we are still in a seller’s market,” Copeland added. 2023 is offering a more stabilized environment for buyers to secure a home that may have been out of reach last year.”

About Greater Nashville REALTORS®
One of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict code of ethics.

The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.

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