Gulch Nashville Real Estate Q1 2024 Market Report

The Gulch Nashville Real Estate Market Update - Q1 2024
Nashville, TN / USA - (last modified April 8, 2024 at 6:00am )

 

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.

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