Germantown Nashville Real Estate Market Update – December 2023

Nashville, TN / USA – February 5, 2024 at 6:00am (last modified February 5, 2024 at 6:00am )

 

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.

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