Brentwood Tennessee Real Estate Nashville Market Update – Q1 2024
As the first quarter of 2024 comes to a close, Brentwood’s real estate market in the Nashville area presents a picture of dynamic activity and shifting trends. Known for its prestigious neighborhoods and expansive estates, Brentwood continues to be a prime destination for discerning buyers. Here’s the current market outlook based on data from March 2024:
Key Metrics at a Glance:
| Metric | March 2023 | March 2024 | Year-over-Year Change |
|---|---|---|---|
| New Listings | 135 | 127 | 6% Decrease |
| New Under Contract | 70 | 97 | 39% Increase |
| Active Inventory (Avg) | 165 | 202 | 23% Increase |
| Under Contract Inventory (Avg) | 112 | 157 | 40% Increase |
| Total Inventory | 277 | 359 | 30% Increase |
| Closings | 56 | 66 | 18% Increase |
| Sale Price (Avg) | $1,528,419 | $1,452,381 | 5% Decrease |
| Sale Price (Med) | $1,227,500 | $1,222,500 | 0% Decrease |
| Avg DOM (Closed) | 33 | 39 | 20% Increase |
| Avg List Price (Active) | $2,035,481 | $2,313,074 | 14% Increase |
| List to Contract (Avg) | 48 | 46 | 4% Decrease |
| Contract to Closed (Avg) | 45 | 63 | 38% Increase |
| List to Closed (Avg) | 113 | 117 | 4% Increase |
| Months of Supply | 3.64 | 4.08 | 12% Increase |
Takeaway Points:
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- Days on Market: The increase in average days on market (DOM) suggests a slight cooling off, providing buyers more time to make decisions in a competitive high-end market.
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- Active Inventory: The substantial growth in active inventory by 23% year-over-year offers more options to buyers, indicating a shift towards a more buyer-friendly market in Brentwood.
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- Pricing Trends: Despite a 5% decrease in the average sale price, the median sale price remaining stable suggests that while the market sees adjustments, the core value of Brentwood’s properties endures.
The Brentwood real estate market’s first quarter shows both continuity and change, with a healthy level of activity indicating a dynamic market as we move further into 2024. The foundational appeal of Brentwood — with its top-rated schools, ample green spaces, and luxurious amenities — continues to stand strong, underpinning the market’s resilience and long-term potential for homeowners and investors alike.
