Nashville Sylvan Park, Sylvan Heights, The Nations, and Charlotte Pike Real Estate Market Update – Q2 2024
Nashville, TN / USA – August 16, 2024 at 6:00am (last modified August 16, 2024 at 6:00am )
The neighborhoods of Sylvan Park, Sylvan Heights, The Nations, and Charlotte Pike in Nashville have experienced dynamic changes and growth in Q2 2024. These areas, known for their unique blend of urban living and community charm, continue to be sought after by both homeowners and investors. Let’s delve into the latest market trends and insights.
Key Metrics at a Glance:
| Metric | June 2023 | June 2024 | Year-over-Year Change |
|---|---|---|---|
| New Listings | 119 | 115 | 3% Decrease |
| New Under Contract | 47 | 73 | 55% Increase |
| Active Inventory (Avg) | 190 | 225 | 19% Increase |
| Under Contract Inventory (Avg) | 92 | 102 | 10% Increase |
| Total Inventory | 282 | 327 | 16% Increase |
| Closings | 57 | 61 | 7% Increase |
| Sale Price (Avg) | $745,764 | $752,337 | 1% Increase |
| Sale Price (Med) | $695,000 | $620,000 | 11% Decrease |
| Avg DOM (Closed) | 32 | 26 | 20% Decrease |
| Avg List Price (Active) | $883,814 | $843,450 | 5% Decrease |
| List to Contract (Avg) | 34 | 60 | 75% Increase |
| Contract to Closed (Avg) | 36 | 36 | 1% Increase |
| List to Closed (Avg) | 82 | 167 | 103% Increase |
| Months of Supply | 4.58 | 4.89 | 7% Increase |
Takeaway Points:
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- Days on Market: The average days on market (DOM) have decreased, indicating a quicker sales cycle in this region.
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- Active Inventory: An increase in active inventory suggests more choices for buyers, which could be influencing the market balance.
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- Pricing Trends: While the average sale price has seen a slight increase, the median sale price has dropped, reflecting a possible shift in the types of properties being sold or more competitive pricing.
Summary:
The Sylvan Park, Sylvan Heights, The Nations, and Charlotte Pike areas are experiencing notable growth, driven by their blend of historic charm, modern amenities, and convenient access to Nashville’s downtown. The Nations has seen substantial revitalization, becoming a hotspot for new housing and local businesses, while Sylvan Park remains a residential favorite with its tree-lined streets and community atmosphere. Charlotte Pike, in particular, is emerging as a vibrant corridor with a mix of residential and commercial developments, attracting a diverse population. These neighborhoods continue to be desirable for those seeking a balance of suburban tranquility and urban convenience.
