Nashville Housing Market: November 2024 Analysis
The Nashville, TN metro area housing market in November 2024 presents a complex landscape with varied trends across different metrics. The Median Sales Price has seen a modest increase of 1.1% year-over-year, reaching $464,990. This indicates a steady appreciation in home values, albeit at a slower pace compared to previous years. Meanwhile, the Median List Price has remained relatively stable with a slight increase of 0.1% YoY, now at $489,900.
In terms of Price Per Square Foot, the market has experienced a more pronounced growth. The median Price Per Square Foot has risen by 2.7% YoY to $238.21, while the Median List Price per square foot has increased by 3.0% YoY to $252.28. These figures suggest a stronger demand for space, reflecting buyers' willingness to pay more per square foot.
Sales activity has been robust, with the number of Homes Sold rising by 8.1% YoY to 2,478 units. Pending Sales have surged even more significantly, up by 14.6% YoY, totaling 2,382. This uptick in sales activity indicates a healthy demand in the market, despite the challenges posed by a declining number of New Listings, which have dropped by 12.1% YoY to 2,427.
Inventory levels have increased by 8.1% YoY, reaching 9,401 homes, which suggests that while demand is strong, there is also a growing supply of homes available. The Months of Supply remain unchanged at 3.80, indicating a balanced market where neither buyers nor sellers have a distinct advantage.
The Median Days on Market have increased by 6.0% YoY to 59 days, suggesting that homes are taking slightly longer to sell compared to last year. This could be attributed to the increased inventory and the slower pace of New Listings entering the market.
The average sale to list ratio has seen a minor decline of 0.2% YoY, now standing at 98.0%. This indicates that homes are selling slightly below their list prices on average. The percentage of Homes Sold above list price has decreased by 2.7% YoY to 13.6%, reflecting a cooling in competitive bidding situations.
Price Drops have slightly decreased by 0.4% YoY, now at 24.0%, suggesting that sellers are adjusting their expectations in response to market conditions. Additionally, the percentage of homes going off the market within two weeks has declined by 3.4% YoY to 25.1%, indicating a slower pace in quick sales.
Overall, the Nashville housing market in November 2024 is characterized by steady price growth, increased sales activity, and a balanced supply-demand dynamic. While the market shows signs of cooling in certain areas, such as the time homes spend on the market and the frequency of Price Drops, the underlying demand remains strong, supported by a healthy increase in Pending Sales.
