Nashville Single-Family Closings Hit a Five-Year High in April and Inventory Is Finally Moving

Greater Nashville Realtors released the April market report this week and the numbers tell a clearer story than the last 18 months of housing coverage suggested. Closed single-family transactions in the Greater Nashville MSA hit 4,847 in April, the highest April figure since 2021 and up 17.4 percent year over year. Median sale price reached 568,000 dollars, up 4.2 percent from April 2025 and up 28.7 percent from April 2022. Days on market dropped to 24, down from 38 a year ago and the lowest since the post-pandemic peak in 2022.

The supply picture changed materially. Active single-family listings ended April at 8,124, up 14 percent year over year but down 7 percent from March, which is the first sequential decline this year. New listings in April were 6,247, roughly flat year over year. Months of supply at the current sales pace stands at 3.4, down from 4.7 in February. The market has moved back toward balanced from buyer-favorable in two months.

Davidson County led the metro in price appreciation. Median single-family price in Davidson hit 612,000 dollars in April, up 5.4 percent year over year. Williamson County remains the most expensive sub-market with median price at 884,500 dollars, up 3.1 percent year over year and up 47 percent from 2022. Rutherford County median at 442,000 was up 6.8 percent. Sumner County at 478,000 was up 4.4 percent. Wilson County at 524,000 was up 5.7 percent.

The condo market diverged from single-family. Closed condo transactions in April were 612, down 4 percent year over year. Median price for condos was 412,000 dollars, up 1.8 percent year over year. Days on market for condos was 41, up from 32 a year ago. The Nashville luxury condo segment particularly struggled with new inventory from East Bank Phase 1 and Gulch deliveries. The Ritz-Carlton Residences at the Gulch and AJ Capital's Wedgewood project are scheduled to add 599 luxury units to the market in 2026, all with starting price points above 1.4 million dollars.

The interest rate context matters. The 30-year fixed mortgage rate averaged 6.74 percent through April, up 12 basis points from March and up 31 basis points from a year ago. The 15-year fixed averaged 6.04 percent. The five-year ARM averaged 6.21 percent. Mortgage application volume from the Mortgage Bankers Association rose 8.4 percent in April despite higher rates, which suggests buyers have moved past the wait-for-rates posture that defined 2024 and most of 2025.

Cash transactions continue to drive a meaningful share of closings. Cash buyers accounted for 27.4 percent of single-family closings in April, down from 31 percent in February but well above the historical norm of 19 to 22 percent. Investor activity has cooled relative to 2022 and 2023 but remains higher than the pre-pandemic baseline. Build-to-rent operators including Pretium and AMH have continued to acquire scattered-site portfolios in Rutherford and Wilson counties, but volume in March and April was 28 percent below the 2024 quarterly average.

The neighborhoods where prices moved most: East Nashville median price at 624,000 was up 8.4 percent year over year. Inglewood at 547,000 was up 9.7 percent. Madison at 412,000 was up 11.4 percent. Bordeaux at 384,000 was up 14.1 percent and remains the most affordable single-family entry point inside Davidson County. Antioch at 387,000 was up 7.8 percent. The 12 South corridor at 887,000 was up 2.4 percent and is approaching a price ceiling that has held the neighborhood for two years.

What buyers should expect in May. Inventory typically peaks in May or June and 2026 should follow that pattern. New listing volume in early May is running 8 percent above April, which would put May new listings at roughly 6,750. Days on market should hold at 22 to 26 through summer. Multiple-offer situations remain common in the 400,000 to 700,000 dollar range, particularly in Davidson County and southern Williamson County. Cash buyers and investors are losing some leverage as listing volume catches up.

What sellers should expect. Pricing matters more than it did 18 months ago. List prices set above the most recent comparable sales are sitting longer. The agents producing the strongest results are pricing slightly below comparable sales to create competitive offer situations and finishing 2 to 4 percent above list. The price reduction rate in April was 22 percent, up from 18 percent a year ago. Roughly one in five listings is taking a price cut before going under contract.

The broader Tennessee context. Memphis median price at 287,000 was up 3.4 percent year over year. Knoxville median at 412,000 was up 5.1 percent. Chattanooga median at 384,000 was up 6.7 percent. Nashville remains the highest-priced metro in the state by a wide margin. The next GNAR report releases June 6 covering May data.