Quarter 3 - 2024 Report
Hello Quarter 4!
Fall is here. That means Sweater weather and the time when pumpkins and potted mums adorn the neighborhood porches. At the start of the busy holiday season homes and neighborhoods are getting homes ready for Halloween, thanksgiving followed by the festive season with Christmas trees and tinsel. So grab yourself a cinnamon pumpkin spice chai latte and cosy up with this latest report to warm your heart.
Let's look back at how real estate sales performed in Q3 in the Greater Nashville region. The best news for homebuyers is the long-awaited fall of interest rates - now in the mid 6% region. And that’s not all the good news for homebuyers. Inventory is up 24% compared
to 2023 Q3. Based on increases in inventory and increases in the number of price reductions the market appears to now be in a correction and buyers are thankful for plenty of homes to choose from.
Overall,
median prices are up for both single family and condos across Greater Nashville. Single family home prices are up 4% with the median SFR at $488.19k, and condos rose 0.03% with the median price at $346.1k. Interestingly the greatest percentage of home sales was in the $1m to $2m price band (19.4%).
Tis the season to be jolly if you are a homebuyer and it’s definitely a favorable time to buy with the increasing inventory and decreasing prices.
Reach out if you are looking to purchase or sell a residential property. And if you are relocating to the Greater Nashville area, we offer you our network of wonderful realtors who we can refer you to in your local market. We do the legwork for you and connect you with a realtor pro to make your home sale a success story.
The team at Nashville Real Estate Rockstars congratulates all our clients for their real estate achievements and we look forward to helping more clients move forward with their real estate goals in 2024.
Now let’s look at the numbers in detail for Q3 of 2024.