Nashville Condominiums Real Estate Market Update – December 2023
December 2023 highlighted the allure of Nashville condominiums, situated in prime locations that cater to a luxurious lifestyle. These condos, often synonymous with upscale amenities, are nestled in neighborhoods that are not only walkable but also brimming with restaurants, entertainment options, and cultural hotspots, offering an enviable urban living experience.
Key Metrics at a Glance:
| Metric | December 2023 | Month-over-Month Change | Year-over-Year Change |
|---|---|---|---|
| New Listings | 164 | 30% Increase | 31% Increase |
| New Under Contract | 103 | 2% Increase | 1% Increase |
| Active Inventory (Avg) | 562 | 1% Increase | 54% Increase |
| Under Contract Inventory (Avg) | 146 | 14% Increase | 50% Increase |
| Total Inventory | 708 | 2% Increase | 8% Increase |
| Closings | 105 | 29% Increase | 52% Increase |
| Sale Price (Avg) | $467,916 | 4% Increase | 37% Increase |
| Sale Price (Med) | $372,500 | 1% Increase | 17% Increase |
| Avg DOM (Closed) | 30 Days | 8% Increase | 91% Increase |
| Avg List Price (Active) | $655,415 | 1% Increase | 17% Increase |
| List to Contract (Avg) | 82 Days | 19% Increase | 7% Increase |
| Contract to Closed (Avg) | 62 Days | 43% Increase | 69% Increase |
| List to Closed (Avg) | 125 Days | 28% Increase | 76% Increase |
| Months of Supply | 6.1 | 38% Increase | 158% Increase |
Days on Market Dynamics
The average days on market (DOM) for closed condominiums was 30 days, a modest increase, indicating a well-balanced market that aligns with the fast-paced urban lifestyle.
Inventory Insights
The total inventory slightly increased, reflecting a stable market that offers a balanced array of options to prospective buyers, highlighting the attractiveness of condominium living in Nashville.
Price Trajectory
The averagesale price of condominiums shows a steady increase, representing the premium lifestyle and high demand for properties in Nashville’s prime urban locales.
The Nashville condominium market, as seen in December 2023, offers a blend of luxury, convenience, and prime location, making it an attractive choice for those seeking an urban living experience with all the perks of a vibrant city life.
