April 26, 2024
East Nashville Real Estate Market Update Zip Code 37206- March 2024
Nashville, TN / USA – April 26, 2024 at 6:00am (last modified April 26, 2024 at 6:00am )
East Nashville Real Estate Market Update Zip Code 37206- March 2024
The eclectic and vibrant East Nashville has always been a bellwether for the real estate trends of our city, and March 2024 is no exception. With its unique neighborhoods, from the historic homes to the contemporary new builds, the area continues to draw interest from a diverse pool of buyers. Here’s a detailed look at the market this March:
Key Metrics at a Glance:
| Metric | March 2023 | March 2024 | Year-over-Year Change |
|---|---|---|---|
| New Listings | 74 | 94 | 27% Increase |
| New Under Contract | 51 | 64 | 25% Increase |
| Active Inventory (Avg) | 66 | 100 | 52% Increase |
| Under Contract Inventory (Avg) | 47 | 59 | 28% Increase |
| Total Inventory | 112 | 160 | 42% Increase |
| Closings | 44 | 37 | 16% Decrease |
| Sale Price (Avg) | $758,616 | $758,735 | 0% Increase |
| Sale Price (Med) | $649,900 | $709,500 | 9% Increase |
| Avg DOM (Closed) | 27 | 27 | 1% Decrease |
| Avg List Price (Active) | $856,159 | $858,059 | 0% Increase |
| List to Contract (Avg) | 57 | 40 | 29% Decrease |
| Contract to Closed (Avg) | 28 | 29 | 5% Increase |
| List to Closed (Avg) | 78 | 74 | 4% Decrease |
| Months of Supply | 2.25 | 3.77 | 68% Increase |
Takeaway Points:
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- Days on Market: The Days on Market (DOM) for closed properties have held steady, signifying a consistent pace in sales, even with the increased activity and inventory.
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- Active Inventory: The notable 52% rise in active inventory represents a burgeoning market, with a wider variety of options for buyers, possibly leading to more competitive pricing and opportunities for negotiation.
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- Pricing Trends: The stable average sale price alongside a significant uptick in median sale price points to a diversifying market with a strong appeal for mid to high-end properties.
As East Nashville moves through 2024, its real estate market demonstrates a rich tapestry of opportunity and growth. From family homes to chic urban apartments, the market is as varied and vibrant as the community itself, ensuring that East Nashville remains a cornerstone of Nashville’s real estate landscape.
