Nashville's median home sale price breaks another record, RE/MAX report finds

The cost of buying a home in Nashville continues to rise. The median home sale price jumped to $410,000, the highest recorded median sale price by RE/MAX, according to its latest National Housing Report. 

The new record median price is $5,000 more than the previous all-time high from October 2021. 

The median sale price is up 23.5% over the last year, despite home sales being down 5%. 

"Demand is the same, if not even higher, with holiday dormant buyers eager to get something early in the year," said Jeff Checko, director of relocation at The Ashton Group of RE/MAX Advantage. 

New construction: How the labor shortage is hampering Middle Tennessee's construction boom

Trade for a home:Could someone trade a bobby pin for a house in Tennessee? A California woman did

In December, Nashville's housing inventory hit a historic low, as there is just over a one-month supply of homes available on the market, according to the report. 

Regardless, Nashville continues to hold its rank as the city with the fastest selling homes among the 51 U.S. metropolitan areas RE/MAX surveys. The average home in Nashville sells in 13 days. 

Across the country, 2021 finished with nearly 10% more home sales than the previous record year of 2020. 

"The story of housing in 2021 was centered around high demand that led to a substantial increase in sales despite ultra-low supply," said Nick Bailey, president and CEO of RE/MAX, in a statement. 

Downtown development:Nashville's next chapter is being written on the banks of the Cumberland

Despite the U.S. facing small housing inventory and the highest average home prices, December home sales sealed 2021 as the busiest year of home buying in the 14 years RE/MAX has published its monthly National Housing Report. 

Arcelia Martin covers growth and development for the Tennessean, a part of The USA TODAY Network. Reach Arcelia at amartin1@gannett.com. Follow her on Twitter @arcelitamartin.