Welcome back to our blog! I'm Justin Floyd, your guide to Nashville Real Estate and a generally good time. If you're thinking about moving to Nashville or already call it home, you're in the right place. Today, we're diving into the latest trends in Nashville's housing market as we head into 2024.
Nashville Housing Market: A Comparative Analysis
As we look back over the past year, we see a market that's remained relatively stable. The big news this month is that interest rates are at their lowest in four months, signaling a positive direction and building momentum for the year ahead.
Key Market Indicators
In November, the median sales price for single-family homes was $577,500, closely mirroring last year's figure of $574,000. However, the average sales price has seen a slight decrease, from $835,000 last year to $806,000 this year. This 3-4% drop reflects subtle yet significant market shifts.
Sales volume, a critical indicator, also shows a decline. Single-family home sales in Nashville dropped by 8% compared to the same period last year, with 364 homes sold last month versus 397 a year ago. Interestingly, days on the market remain similar, with properties now taking 25 days to sell compared to 22 days last year.
New Listings: A Glimmer of Stability
A key factor that often goes unmentioned is new listings. In contrast to a 16% decrease reported in our last market update, November's new listings are almost on par with last year, indicating a more stable market environment.
Spotlight on Neighborhoods: Green Hills and Mount Juliet
Responding to requests from our viewers, let's zoom in on two specific areas: Green Hills and Mount Juliet.
Green Hills: A Tale of Two Markets
Green Hills presents an interesting case. Its median sales price for single-family homes in November stood at a staggering $1.375 million, yet its condo market tells a different story. The median condo price was $381,000, almost in line with Nashville's median of $374,900. This disparity highlights the diversity within Green Hills' real estate market.
Mount Juliet: Consistency and Growth
Mount Juliet shows remarkable consistency, with the median sales price hovering around $550,000, mirroring figures from the previous year. The encouraging sign here is the 10% increase in the number of listings, suggesting a growing market.
Beyond Real Estate: Embracing Nashville's Spirit
To balance our market analysis, let's not forget the fun side of Nashville. Recently, I took my son on the Santa Train ride organized by the Tennessee Railway Museum – a delightful experience for families. Additionally, the Cheekwood Lights exhibit truly brings the festive spirit of Christmas to life.
Wrapping Up
So there you have it, a snapshot of Nashville's real estate market as we move into 2024. Whether you're a potential buyer, a current resident, or simply curious about the market dynamics, I hope this update provides valuable insights.
Remember, if you have any questions or need assistance with your real estate journey, feel free to drop a comment or reach out at justin@justinfloydhomes.com. Don't forget to subscribe for more weekly content on Nashville real estate and fun experiences.
Stay tuned, and let's navigate this exciting market together in 2024!