East Nashville Real Estate Market Update Zip Code 37206- March 2024

East Nashville Real Estate Market Update Zip Code 37206- March 2024
Nashville, TN / USA - (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:

    • 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.

    • 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.

    • 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.

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