Nashville Housing Market: September 2024 Analysis
The Nashville, TN metro area housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes stands at $449,900, reflecting a slight decrease of 1.3% year-over-year. This decline suggests a cooling in the market compared to the previous year.
Conversely, the Median List Price has seen a marginal increase of 0.1% year-over-year, reaching $489,945. This indicates that sellers are maintaining their pricing expectations despite the slight dip in sales prices. The median Price Per Square Foot has risen by 1.6% to $238.48, while the Median List Price per square foot has increased by 3.1% to $251.82, suggesting a steady demand for space in the area.
The number of Homes Sold in September 2024 is 2,671, marking a 3.2% decrease from the previous year. However, Pending Sales have increased by 2.9% year-over-year, totaling 2,692, which may indicate a potential uptick in future sales activity. New Listings have surged by 10.5% year-over-year, reaching 3,436, contributing to an increase in inventory, which is up by 17.0% to 10,174 homes.
The Months of Supply have significantly increased by 60.0% year-over-year, now standing at 3.8 months. This substantial rise suggests a shift towards a more balanced market, providing buyers with more options and potentially easing the competitive pressure seen in previous years. The Median Days on Market have increased by 6.0% to 56 days, indicating that homes are taking slightly longer to sell.
The average sale to list ratio remains stable at 98.2%, with no significant change from the previous year. The percentage of Homes Sold above list price has seen a slight increase of 0.3%, now at 16.6%, suggesting that while some homes are still fetching competitive offers, the overall market is stabilizing. Price Drops have decreased marginally by 0.1% to 27.4%, indicating that sellers are adjusting their expectations to align with market conditions.
The percentage of homes going off the market within two weeks has decreased by 3.5% to 30.1%, reflecting a slower pace in the market compared to last year. This trend, combined with the increased inventory and longer days on market, suggests that buyers may have more negotiating power than in previous months.
Overall, the Nashville housing market in September 2024 is characterized by a slight cooling in sales prices and a notable increase in inventory and supply. While some metrics indicate a stabilization, others suggest ongoing adjustments as the market seeks equilibrium. Buyers and sellers alike should remain informed and adaptable to navigate these evolving conditions effectively.
