The Nashville area saw 1,802 home closings in January — a 31 percent decrease from the 2,649 mark of the same month in 2022, according to data compiled by Greater Nashville Realtors.

This follows 2,568 home closings in December, a 40 percent decrease from the mark of December 2021, and a 2022 that recorded 39,831 homes sold in the region compared to 47,172 closings in 2021, down 15 percent.

Brad Copeland

Brad Copeland

The average number of days on the market for a single-family home in January was 61. This compares to a December mark of 46. Prior to mid-2022, the monthly days-on-the-market figures consistently had been in the high 20s.

There were 2,567 sales pending at the end of January, compared to 2,898 pending sales for the same month in 2022. Similarly, pending sales were down in December, November, October and September.

The median price for a residential single-family home in January was $450,000 (it had been $470,000 for December). For a condominium, the median price was $325,000 ($352,000 in December). This compares with January 2022’s median single-family and condominium prices of $425,000 and $308,685 respectively.

Inventory in January was 8,572, up from the 3,510 figure of the same month from the prior year. As such, inventory continues its upward trajectory after many months of a dearth of homes offered in relation to figures from prior to mid-2022.

“The greater Nashville region continues to see rising prices, although the rate has slowed compared to the last couple of years,” Brad Copeland, Greater Nashville Realtors president, said in a release. “2023 is offering a more stabilized environment for buyers to secure a home that may have been out of reach last year.”

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