East Nashville Real Estate Market Update – December 2023
In December 2023, East Nashville’s real estate market mirrored the neighborhood’s eclectic and vibrant character. Here’s a breakdown of the key metrics and insights:
Key Metrics at a Glance:
Metric | December 2023 | Month-over-Month Change | Year-over-Year Change |
---|---|---|---|
New Listings | 35 | 5% Increase | 44% Increase |
New Under Contract | 30 | 15% Increase | 27% Increase |
Active Inventory (Avg) | 102 | 15% Increase | 22% Increase |
Under Contract Inventory (Avg) | 31 | 9% Increase | 11% Increase |
Total Inventory | 133 | 14% Increase | 12% Increase |
Closings | 22 | 4% Increase | 41% Increase |
Sale Price (Avg) | $725,133 | 4% Increase | 2% Increase |
Sale Price (Med) | $717,500 | 2% Increase | 4% Increase |
Avg DOM (Closed) | 45 Days | 32% Increase | 31% Increase |
Avg List Price (Active) | $829,122 | 3% Increase | 6% Increase |
List to Contract (Avg) | 65 Days | 12% Increase | 35% Increase |
Contract to Closed (Avg) | 34 Days | 1% Increase | 24% Increase |
List to Closed (Avg) | 100 Days | 7% Increase | 36% Increase |
Months of Supply | 5.73 | 8% Increase | 92% Increase |
Days on Market Dynamics
The average days on market (DOM) for closed properties was 45 days, indicating a more relaxed market pace and potentially more room for negotiation for buyers.
Inventory Insights
The total inventory showed an increase, suggesting a market transitioning towards more balanced conditions, providing a broader selection for prospective buyers.
Price Trajectory
The average sale price in East Nashville continued its upward trend, reaching $725,133, highlighting the area’s enduring appeal in the real estate market.
As we embrace the new year, these metrics reflect a dynamic and evolving market in East Nashville, offering unique opportunities for buyers and sellers alike in this eclectic neighborhood.