The Gulch Nashville Real Estate Market Update – Q1 2024
The first quarter of 2024 reveals notable trends in The Gulch’s real estate market. With its vibrant streets and upscale amenities, The Gulch continues to attract discerning buyers. Let’s review the market’s performance, with a focus on the latest year-over-year changes:
Key Metrics at a Glance:
Metric | March 2023 | March 2024 | Year-over-Year Change |
---|---|---|---|
New Listings | 62 | 53 | 15% Decrease |
New Under Contract | 29 | 48 | 66% Increase |
Active Inventory (Avg) | 83 | 115 | 39% Increase |
Under Contract Inventory (Avg) | 38 | 59 | 56% Increase |
Total Inventory | 121 | 174 | 44% Increase |
Closings | 33 | 35 | 6% Increase |
Sale Price (Avg) | $1,683,058 | $1,766,844 | 5% Increase |
Sale Price (Med) | $1,525,000 | $1,612,500 | 6% Increase |
Avg DOM (Closed) | 27 | 53 | 95% Increase |
Avg List Price (Active) | $2,331,143 | $2,421,739 | 4% Increase |
List to Contract (Avg) | 49 | 65 | 34% Increase |
Contract to Closed (Avg) | 38 | 32 | 16% Decrease |
List to Closed (Avg) | 87 | 118 | 36% Increase |
Months of Supply | 3.27 | 4.51 | 38% Increase |
Days on Market: The average days on market (DOM) have nearly doubled since last year, suggesting a shift towards a market where buyers are taking more time in their decision-making process.
Total Inventory: An increase in total inventory provides potential buyers with a wider selection of properties, a boon for those seeking to invest in The Gulch’s lively environment.
Pricing Trends: Sale prices continue to climb, indicating the high demand for luxury living within this sought-after Nashville neighborhood.
As the curtains close on the first quarter of 2024, The Gulch continues to stand out in Nashville’s real estate scene, reflecting the vibrant pulse of the city. It’s a place where the past meets the present, where industrial architecture houses modern luxury, and the streets tell stories of music and art. The Gulch’s real estate market, with its steady growth, is a clear indicator of its unwavering appeal and the promise it holds for the future.