Germantown Area Real Estate Market Update – Q2 2024
Nashville, TN / USA – July 29, 2024 at 6:00am (last modified July 29, 2024 at 6:00am )
Historic Germantown, one of Nashville’s most cherished neighborhoods, is known for its rich history and cultural significance. Named for the influx of German immigrants in the mid-19th century, Germantown was Nashville’s first suburb and is renowned for its diverse architectural styles and vibrant community atmosphere. Today, it boasts a mix of Victorian homes, modern apartments, and local boutiques, making it a sought-after area for residents and visitors alike.
Key Metrics at a Glance:
| Metric | June 2023 | June 2024 | Year-over-Year Change |
|---|---|---|---|
| New Listings | 77 | 44 | 43% Decrease |
| New Under Contract | 14 | 19 | 36% Increase |
| Active Inventory (Avg) | 112 | 128 | 15% Increase |
| Under Contract Inventory (Avg) | 26 | 29 | 11% Increase |
| Total Inventory | 138 | 157 | 14% Increase |
| Closings | 19 | 10 | 47% Decrease |
| Sale Price (Avg) | $665,468 | $597,050 | 10% Decrease |
| Sale Price (Med) | $679,900 | $615,000 | 10% Decrease |
| Avg DOM (Closed) | 45 | 71 | 58% Increase |
| Avg List Price (Active) | $718,150 | $679,326 | 5% Decrease |
| List to Contract (Avg) | 31 | 97 | 216% Increase |
| Contract to Closed (Avg) | 34 | 28 | 17% Decrease |
| List to Closed (Avg) | 105 | 122 | 16% Increase |
| Months of Supply | 6.63 | 14.84 | 124% Increase |
Takeaway Points:
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- Days on Market: The average days on market (DOM) have significantly increased, suggesting a more deliberate and slower-paced market.
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- Active Inventory: The rise in active inventory indicates more choices for buyers, contributing to a more balanced market.
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- Pricing Trends: Both average and median sale prices have decreased, possibly reflecting a competitive pricing strategy to attract buyers in a slower market.
Summary:
Germantown’s Q2 2024 market data reflects a dynamic neighborhood balancing its rich historical heritage with modern living. The decrease in sale prices and increase in inventory suggest a buyer’s market, providing more opportunities for those looking to move into this vibrant area. Despite the slower market pace, Germantown continues to thrive with its eclectic mix of Victorian architecture, trendy boutiques, and a strong sense of community. The neighborhood remains a focal point for both history enthusiasts and those seeking a lively urban lifestyle.
