Germantown Nashville Real Estate Market Update – December 2023
In December 2023, historic Germantown, Nashville’s real estate market depicted distinct trends, capturing the essence of this neighborhood known for its rich history and contemporary appeal. Here’s a detailed analysis of the key metrics:
Key Metrics at a Glance:
Metric | December 2023 | Month-over-Month Change | Year-over-Year Change |
---|---|---|---|
New Listings | 32 | 27% Increase | 88% Increase |
New Under Contract | 20 | 67% Increase | 43% Increase |
Active Inventory (Avg) | 126 | No Change | 49% Increase |
Under Contract Inventory (Avg) | 25 | 20% Increase | 9% Increase |
Total Inventory | 151 | 2% Increase | 35% Increase |
Closings | 14 | 26% Increase | 7% Increase |
Sale Price (Avg) | $546,836 | 10% Increase | 16% Increase |
Sale Price (Med) | $522,450 | 10% Increase | 16% Increase |
Avg DOM (Closed) | 48 Days | 56% Increase | 160% Increase |
Avg List Price (Active) | $684,333 | 2% Increase | 6% Increase |
List to Contract (Avg) | 63 Days | 18% Increase | 40% Increase |
Contract to Closed (Avg) | 36 Days | 11% Increase | 21% Increase |
List to Closed (Avg) | 102 Days | 27% Increase | 68% Increase |
Months of Supply | 10.21 | 39% Increase | 49% Increase |
Days on Market: The average days on market (DOM) for closed properties was 48 days, a significant increase from the previous year, indicating a more relaxed pace in the market and potentially more room for negotiation for buyers.
Active Inventory: The active inventory remained stable month-over-month but showed a considerable year-over-year increase, suggesting that buyers had a wider selection of properties to choose from, reflecting a shift towards a more balanced market.
Pricing Trends: The average sale price saw a steady increase, reinforcing Germantown’s appeal in the Nashville real estate market. The median sale price followed suit, showcasing the area’s consistent demand.
As we embrace the new year, these trends reflect a dynamic and evolving market in Germantown, offering opportunities for both buyers and sellers in this historic yet modern neighborhood of Nashville.