July 15, 2024
Belle Meade Area Real Estate Market Update – Q2 2024
Nashville, TN / USA – July 15, 2024 at 6:00am (last modified July 15, 2024 at 6:00am )
Belle Meade, renowned for its historic estates and lush landscapes, continues to be a prime real estate location. This area, with its grand homes and proximity to cultural landmarks, attracts discerning buyers seeking luxury and tranquility.
Key Metrics at a Glance:
| Metric | June 2023 | June 2024 | Year-over-Year Change |
|---|---|---|---|
| New Listings | 59 | 30 | 49% Decrease |
| New Under Contract | 41 | 26 | 37% Decrease |
| Active Inventory (Avg) | 90 | 95 | 6% Increase |
| Under Contract Inventory (Avg) | 43 | 38 | 12% Decrease |
| Total Inventory | 133 | 132 | 0% Decrease |
| Closings | 35 | 32 | 9% Decrease |
| Sale Price (Avg) | $1,874,469 | $1,604,688 | 14% Decrease |
| Sale Price (Med) | $1,350,000 | $1,262,500 | 6% Decrease |
| Avg DOM (Closed) | 16 | 27 | 71% Increase |
| Avg List Price (Active) | $2,429,773 | $2,385,404 | 2% Decrease |
| List to Contract (Avg) | 44 | 60 | 38% Increase |
| Contract to Closed (Avg) | 43 | 34 | 22% Decrease |
| List to Closed (Avg) | 94 | 106 | 13% Increase |
| Months of Supply | 3.19 | 3.74 | 17% Increase |
Takeaway Points:
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- Days on Market: The significant rise in average days on market (DOM) suggests a slower pace in sales, characteristic of high-value luxury markets.
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- Active Inventory: A slight increase in active inventory indicates a healthy supply, offering more choices for buyers.
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- Pricing Trends: Despite the decrease in average and median sale prices, Belle Meade’s real estate remains highly valuable, underscoring its status as a premier Nashville neighborhood.
Summary:
Belle Meade’s Q2 2024 market data reflects the area’s stable demand for luxury real estate, with a slight cooling in sale prices but increased days on market, suggesting buyers are taking more time to decide on high-value properties. This prestigious neighborhood continues to appeal to those seeking historic charm combined with modern luxury. The steady inventory levels and minor shifts in pricing trends highlight Belle Meade’s enduring appeal and market resilience.
