Q2 2024 Real Estate Market Report for East Nashville, TN
Nashville, TN / USA – July 19, 2024 at 6:00am (last modified July 19, 2024 at 6:00am )
East Nashville is a vibrant and eclectic neighborhood known for its cultural diversity, historic homes, and thriving local businesses. This area has become a hotspot for Nashville’s creative class, offering a unique mix of culinary destinations, live music venues, and charming boutiques. The neighborhood’s historic appeal, combined with its modern amenities, makes it a highly desirable place to live.
Key Metrics at a Glance:
| Metric | June 2023 | June 2024 | Year-over-Year Change |
|---|---|---|---|
| New Listings | 56 | 87 | 55% Increase |
| New Under Contract | 29 | 46 | 59% Increase |
| Active Inventory (Avg) | 116 | 129 | 11% Increase |
| Under Contract Inventory (Avg) | 40 | 64 | 37% Increase |
| Total Inventory | 162 | 192 | 19% Increase |
| Closings | 47 | 61 | 30% Increase |
| Sale Price (Avg) | $852,500 | $644,514 | 24% Decrease |
| Sale Price (Med) | $799,000 | $622,000 | 22% Decrease |
| Avg DOM (Closed) | 11 | 19 | 75% Increase |
| Avg List Price (Active) | $913,402 | $816,431 | 11% Decrease |
| List to Contract (Avg) | 53 | 31 | 42% Decrease |
| Contract to Closed (Avg) | 36 | 35 | 1% Decrease |
| List to Closed (Avg) | 66 | 74 | 12% Increase |
| Months of Supply | 3.22 | 2.93 | 9% Decrease |
Takeaway Points:
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- Days on Market: The average days on market (DOM) has increased significantly, indicating a more deliberate pace in home sales.
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- Active Inventory: The rise in active inventory offers more options for buyers, suggesting a balanced market.
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- Pricing Trends: The decrease in both average and median sale prices may reflect a more competitive pricing strategy to attract buyers.
Summary:
East Nashville’s Q2 2024 market data highlights a neighborhood that continues to grow in popularity and diversity. With its eclectic vibe and a strong sense of community, East Nashville remains a favorite among locals and newcomers alike. The increase in inventory and longer days on market suggest a balanced environment where buyers have ample choices and sellers need to be strategic with pricing. Despite a decrease in sale prices, the area’s appeal and quality of life make it a desirable destination.
