July 2024 – The Gulch Nashville Real Estate Market Update
The Gulch, one of Nashville’s most vibrant and contemporary neighborhoods, continues to thrive as a premier destination for urban living. This area, known for its LEED-certified developments, luxurious condos, and proximity to downtown, offers a unique blend of modern amenities and historic charm. As we review the Q2 2024 market data, it’s clear that The Gulch remains a hot spot for both buyers and investors alike.
Key Metrics at a Glance:
| Metric | July 2023 | July 2024 | Year-over-Year Change |
|---|---|---|---|
| New Listings | 56 | 45 | 20% Decrease |
| New Under Contract | 28 | 29 | 4% Increase |
| Active Inventory (Avg) | 126 | 144 | 14% Increase |
| Under Contract Inventory (Avg) | 50 | 38 | 24% Decrease |
| Total Inventory | 176 | 182 | 3% Increase |
| Closings | 35 | 35 | 0% No Change |
| Sale Price (Avg) | $1,883,975 | $2,044,920 | 9% Increase |
| Sale Price (Med) | $1,600,000 | $1,599,900 | 0% Decrease |
| Avg DOM (Closed) | 24 | 24 | 1% Increase |
| Avg List Price (Active) | $2,531,939 | $2,447,348 | 3% Decrease |
| List to Contract (Avg) | 68 | 59 | 12% Decrease |
| Contract to Closed (Avg) | 38 | 42 | 9% Increase |
| List to Closed (Avg) | 92 | 80 | 14% Decrease |
| Months of Supply | 4.54 | 4.78 | 5% Increase |
Takeaway Points:
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- Days on Market: The average days on market (DOM) have remained steady, indicating consistent buyer interest in The Gulch.
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- Active Inventory: A slight increase in active inventory suggests more options for buyers, potentially cooling off the intense competition.
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- Pricing Trends: The 9% increase in average sale prices underscores the continued demand for high-end properties in this luxury market.
Summary:
The Gulch, once a neglected industrial area, has transformed into one of Nashville’s most desirable neighborhoods. With its prime location near downtown and Music Row, The Gulch offers a mix of modern condos, trendy restaurants, and upscale shopping. The neighborhood’s LEED-certified status and commitment to sustainability add to its appeal, attracting environmentally conscious buyers. As the Q2 2024 data shows, The Gulch remains a robust market with rising prices and steady demand, making it a prime spot for luxury living in Nashville.
