August 5, 2024
Brentwood Area Real Estate Market Update – Q2 2024
Nashville, TN / USA – August 5, 2024 at 6:00am (last modified August 5, 2024 at 6:00am )
by John Sullivan, member of International Association of Press Photographers, and Photos by Create615.com
Brentwood, Tennessee, known for its picturesque landscapes and upscale living, continues to be a top choice for families and professionals alike. Located just south of Nashville, Brentwood boasts an array of luxurious homes, top-rated schools, and a strong sense of community. The area is also home to several corporate headquarters, making it a convenient location for business executives. Let’s take a look at the latest real estate market trends for Brentwood in Q2 2024.
Key Metrics at a Glance:
| Metric | July 2023 | July 2024 | Year-over-Year Change |
|---|---|---|---|
| New Listings | 123 | 87 | 29% Decrease |
| New Under Contract | 59 | 68 | 15% Increase |
| Active Inventory (Avg) | 244 | 244 | 0% Change |
| Under Contract Inventory (Avg) | 159 | 133 | 16% Decrease |
| Total Inventory | 402 | 377 | 6% Decrease |
| Closings | 82 | 72 | 12% Decrease |
| Sale Price (Avg) | $1,407,861 | $1,541,711 | 10% Increase |
| Sale Price (Med) | $1,062,500 | $1,337,500 | 26% Increase |
| Avg DOM (Closed) | 16 | 32 | 106% Increase |
| Avg List Price (Active) | $2,085,655 | $2,389,347 | 15% Increase |
| List to Contract (Avg) | 44 | 49 | 12% Increase |
| Contract to Closed (Avg) | 70 | 49 | 31% Decrease |
| List to Closed (Avg) | 114 | 106 | 7% Decrease |
| Months of Supply | 3.62 | 4.2 | 16% Increase |
Takeaway Points:
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- Days on Market: The average days on market (DOM) have doubled, indicating a slower pace in sales activity.
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- Active Inventory: The active inventory remains steady, providing consistent options for potential buyers.
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- Pricing Trends: Significant increases in both average and median sale prices highlight a robust demand for properties in Brentwood, signaling a healthy and appreciating market.
Summary:
Brentwood’s Q2 2024 real estate market showcases a thriving and dynamic environment. The area’s upscale living conditions, coupled with its proximity to Nashville and excellent amenities, continue to drive demand. Despite a slower sales pace, reflected in the increased days on market, the substantial rise in sale prices underscores Brentwood’s appeal. With its blend of luxury, convenience, and community spirit, Brentwood remains a top choice for discerning buyers.
