Nashville Real Estate Market Update – December 2023
As the year wraps up, the Nashville real estate market showcases intriguing trends. Particularly noteworthy are the days on market, total inventory, and pricing dynamics.
Key Metrics at a Glance:
| Metric | December 2023 | Month-over-Month Change | Year-over-Year Change |
|---|---|---|---|
| New Listings | 423 | 33% Increase | 5% Increase |
| New Under Contract | 368 | 9% Increase | 29% Increase |
| Active Inventory (Average) | 1,481 | 8% Increase | 24% Increase |
| Under Contract Inventory (Average) | 600 | 8% Increase | 5% Increase |
| Total Inventory | 2,082 | 8% Increase | 14% Increase |
| Closings | 411 | 9% Increase | 16% Increase |
| Sale Price (Average) | $830,068 | 4% Increase | 16% Increase |
| Sale Price (Median) | $570,000 | 1% Increase | 9% Increase |
| Average DOM (Closed) | 32 Days | 25% Increase | 28% Increase |
| Average List Price (Active) | $1,041,247 | 4% Increase | 2% Increase |
| List to Contract (Average) | 69 Days | 14% Increase | 19% Increase |
| Contract to Closed (Average) | 58 Days | 1% Increase | 47% Increase |
| List to Closed (Average) | 120 Days | 11% Increase | 38% Increase |
| Months of Supply | 4.5 | 15% Increase | 2% Increase |
Days on Market: The average days on market (DOM) for closed properties increased to 32 days, a significant shift indicating a slight cooling in market urgency.
Total Inventory: With a 14% year-over-year increase in total inventory, buyers are finding more options available, signaling a shift towards a more buyer-friendly market.
Pricing Trends: Despite these changes, the average sale price continues its upward trajectory, now at $830,068, underscoring Nashville’s strong market appeal.
As 2024 approaches, these trends highlight a market in transition, presenting new opportunities and challenges for buyers and sellers alike.
