Q3 2024 Real Estate Market Report for The Gulch and West End
The Gulch and West End are two of Nashville’s most dynamic neighborhoods, each offering unique urban experiences. The Gulch is known for its upscale, sustainable development, featuring luxury high-rise condos, world-class dining, and LEED-certified buildings. West End, located adjacent to Centennial Park, offers a blend of historic homes and modern residential developments with easy access to the heart of Nashville.
As we review the Q3 2024 market data, both areas have seen significant changes. The Gulch remains a hotspot for luxury urban living, while West End continues to attract buyers with its mix of classic charm and proximity to Vanderbilt University.
Key Metrics at a Glance:
| Metric | September 2023 | September 2024 | Year-over-Year Change |
|---|---|---|---|
| New Listings | 12 | 13 | 8% Increase |
| New Under Contract | 3 | 5 | 67% Increase |
| Active Inventory (Avg) | 30 | 60 | 100% Increase |
| Under Contract Inventory (Avg) | 11 | 7 | 40% Decrease |
| Total Inventory | 41 | 67 | 63% Increase |
| Closings | 11 | 5 | 55% Decrease |
| Sale Price (Avg) | $939,991 | $747,340 | 20% Decrease |
| Sale Price (Med) | $899,000 | $717,700 | 20% Decrease |
| Avg DOM (Closed) | 17 | 21 | 22% Increase |
| Avg List Price (Active) | $1,246,867 | $1,296,092 | 4% Increase |
| List to Contract (Avg) | 40 | 59 | 48% Increase |
| Contract to Closed (Avg) | 34 | 28 | 16% Decrease |
| List to Closed (Avg) | 55 | 54 | 2% Decrease |
| Months of Supply | 3.59 | 13.18 | 267% Increase |
Takeaway Points:
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- Days on Market: The average days on market (DOM) have increased, reflecting a slightly slower pace of sales activity.
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- Active Inventory: Active inventory has doubled, giving buyers more options and potentially balancing out the market.
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- Pricing Trends: Both the average and median sale prices have decreased, suggesting a cooling off in pricing compared to the previous year.
Narrative Summary:
The Gulch and West End remain two of Nashville’s most desirable neighborhoods, each offering its own unique appeal. The Gulch, a modern, sustainable urban hub, continues to attract residents who value luxury living, LEED-certified buildings, and a vibrant social scene. Meanwhile, West End, with its proximity to Vanderbilt University and Centennial Park, offers a mix of historic homes and contemporary developments. The Q3 2024 market data shows increased inventory and longer days on the market, which could suggest a shift towards a more balanced market.
For more details about living in The Gulch and West End visit The Gulch and West End Nashville.