Green Hills Area Real Estate Market Update – Q2 2024
Nashville, TN / USA – August 2, 2024 at 6:00am (last modified August 2, 2024 at 6:00am )
Green Hills is one of Nashville’s most affluent neighborhoods, renowned for its upscale living, convenient location, and vibrant community. Located south of Nashville, Green Hills is bordered by Forest Hills, Oak Hill, and Belle Meade, offering a mix of residential charm and commercial convenience. It is home to the famous Bluebird Café, a hub for Nashville’s music scene, and The Mall at Green Hills, a premier shopping destination with over 100 stores and restaurants.
Key Metrics at a Glance:
| Metric | July 2023 | July 2024 | Year-over-Year Change |
|---|---|---|---|
| New Listings | 34 | 42 | 24% Increase |
| New Under Contract | 33 | 34 | 3% Increase |
| Active Inventory (Avg) | 53 | 89 | 68% Increase |
| Under Contract Inventory (Avg) | 44 | 39 | 10% Decrease |
| Total Inventory | 96 | 128 | 33% Increase |
| Closings | 31 | 27 | 13% Decrease |
| Sale Price (Avg) | $439,387 | $525,778 | 20% Increase |
| Sale Price (Med) | $405,000 | $395,000 | 2% Decrease |
| Avg DOM (Closed) | 16 | 30 | 91% Increase |
| Avg List Price (Active) | $616,455 | $646,836 | 5% Increase |
| List to Contract (Avg) | 40 | 37 | 6% Decrease |
| Contract to Closed (Avg) | 38 | 33 | 13% Decrease |
| List to Closed (Avg) | 65 | 77 | 17% Increase |
| Months of Supply | 2.56 | 4.3 | 68% Increase |
Takeaway Points:
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- Days on Market: The average days on market (DOM) has nearly doubled, indicating a slower sales pace.
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- Active Inventory: A significant increase in active inventory provides more options for potential buyers, suggesting a more balanced market.
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- Pricing Trends: The increase in average sale prices indicates strong demand and rising property values, despite a slight decrease in median sale prices.
Summary:
Green Hills’ Q2 2024 market data reveals a neighborhood in high demand, with significant increases in both inventory and average sale prices. Despite a slower pace in sales as reflected by the increased days on market, Green Hills continues to attract buyers due to its upscale amenities, prestigious schools, and proximity to downtown Nashville. The area’s charm is further enhanced by iconic spots like the Bluebird Café and The Mall at Green Hills, making it a desirable location for both residents and visitors.
