Belle Meade Nashville Area Real Estate Market Update – Q1 2024
As we review the first quarter of 2024, Belle Meade’s real estate market has demonstrated remarkable dynamism. With its lush green spaces, historic estates, and premier golf courses, Belle Meade remains one of the most prestigious neighborhoods near Nashville. The following metrics offer insight into its current market trends:
Key Metrics at a Glance:
| Metric | March 2023 | March 2024 | Year-over-Year Change |
|---|---|---|---|
| New Listings | 127 | 81 | 36% Decrease |
| New Under Contract | 60 | 75 | 25% Increase |
| Active Inventory (Avg) | 137 | 192 | 41% Increase |
| Under Contract Inventory (Avg) | 86 | 93 | 8% Increase |
| Total Inventory | 222 | 285 | 28% Increase |
| Closings | 78 | 58 | 26% Decrease |
| Sale Price (Avg) | $1,676,238 | $1,798,923 | 7% Increase |
| Sale Price (Med) | $1,425,000 | $1,512,500 | 6% Increase |
| Avg DOM (Closed) | 34 | 58 | 72% Increase |
| Avg List Price (Active) | $2,202,123 | $2,428,056 | 10% Increase |
| List to Contract (Avg) | 47 | 65 | 38% Increase |
| Contract to Closed (Avg) | 35 | 39 | 12% Increase |
| List to Closed (Avg) | 93 | 128 | 38% Increase |
| Months of Supply | 2.42 | 4.37 | 81% Increase |
Takeaway Points:
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- Days on Market: The marked increase in average days on market reflects a more discerning buyer’s market, where high-end properties may take longer to close, aligning with Belle Meade’s luxury market stature.
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- Active Inventory: The significant rise in active inventory suggests that buyers have more options to choose from, which may lead to a more competitive environment for sellers.
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- Pricing Trends: The increase in both average and median sale prices indicates a healthy appreciation in property values, affirming Belle Meade’s status as a desirable and high-value area.
The Belle Meade real estate market for Q1 of 2024 illustrates a complex landscape where value and quality continue to drive market activity. Despite a decrease in closings, the robust increase in sale prices speaks to the area’s lasting appeal. With a more ample supply, this quarter has provided an advantageous climate for buyers, while sellers continue to benefit from rising property values. Belle Meade’s market resilience and prestige are clear as it remains a cornerstone of luxury living in the Nashville region.
