July 2024 – 12 South Nashville Real Estate Market Update
Nashville, TN / USA – August 19, 2024 at 6:00am (last modified August 19, 2024 at 6:00am )
12 South continues to be one of Nashville’s most vibrant and desirable neighborhoods, known for its walkability, unique blend of historic and modern homes, and a thriving local business scene. The area is a hub for culture, cuisine, and community events, making it a top choice for those seeking a dynamic urban lifestyle. As we dive into the market data for Q2 2024, it’s clear that 12 South remains a competitive and sought-after market.
Key Metrics at a Glance:
| Metric | July 2023 | July 2024 | Year-over-Year Change |
|---|---|---|---|
| New Listings | 34 | 32 | 6% Decrease |
| New Under Contract | 23 | 17 | 26% Decrease |
| Active Inventory (Avg) | 58 | 75 | 31% Increase |
| Under Contract Inventory (Avg) | 26 | 29 | 12% Increase |
| Total Inventory | 83 | 104 | 25% Increase |
| Closings | 17 | 15 | 12% Decrease |
| Sale Price (Avg) | $1,570,520 | $1,465,350 | 7% Decrease |
| Sale Price (Med) | $1,207,500 | $1,200,000 | 1% Decrease |
| Avg DOM (Closed) | 39 | 16 | 59% Decrease |
| Avg List Price (Active) | $1,840,655 | $1,766,086 | 4% Decrease |
| List to Contract (Avg) | 27 | 98 | 266% Increase |
| Contract to Closed (Avg) | 39 | 36 | 9% Decrease |
| List to Closed (Avg) | 102 | 72 | 30% Decrease |
| Months of Supply | 4.69 | 6.27 | 34% Increase |
Takeaway Points:
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- Days on Market: The average days on market (DOM) have decreased significantly, suggesting a faster pace of sales in this competitive market.
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- Active Inventory: A notable increase in active inventory provides more options for buyers, but also indicates a more balanced market.
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- Pricing Trends: Despite a slight decrease in average and median sale prices, 12 South remains a high-demand area, reflected in the overall strong market activity.
Summary:
The 12 South neighborhood in Nashville continues to captivate both residents and investors with its unique combination of historic charm and modern amenities. Known for its walkable streets, eclectic mix of boutiques, and popular dining spots, 12 South has become one of Nashville’s most desirable areas. The Q2 2024 data reflects a robust market, though with a slight cooling in prices, which may provide opportunities for new buyers to enter this highly competitive area. The increased inventory and decreased days on market indicate a dynamic market where homes are moving quickly, but with more options available for discerning buyers.
