Brentwood Tennessee Real Estate Nashville Market Update - Q1 2024

Brentwood Tennessee Real Estate Nashville Market Update - Q1 2024
Nashville, TN / USA - (last modified May 3, 2024 at 6:00am )

 

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:

    • 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.

    • 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.

    • 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.

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