Quarter 4 - 2024 Report
Hello, Quarter 1 of 2025!
Happy New Year, y'all! As the temperature drops below freezing, Nashville is cozying up for snow days and our infamous “Snowpocalypse.” This is the season of school closures, “stay off the roads if you don’t need to drive” warnings, and supermarket shelves stripped bare of produce as we hunker down at home. Other “snow-smart” states and cities may laugh at Nashville’s dramatic reaction to winter weather, but I think it’s part of the Music City’s charm. This is also the season of quarterly statistics releases, so grab yourself a steaming hot cup of cocoa and cozy up with this latest real estate market report. Here’s a quick overview to get you started.
As we look back at how the Greater Nashville area’s real estate sales performed in Q4 of 2024, let’s start with good news for homebuyers. House hunters are enjoying interest rates between 6.7% and 6.9% and more inventory to choose from. Total inventory is up 15% compared to Q4 of 2023. Buyers are thankful to have plenty of homes to choose from, and there are still some price reductions to be had as the market continues to correct itself.
As for home prices, median prices are up for single-family homes and down slightly for condos. Single-family home prices rose by 4.9%, with the median single-family price at $503,750, while condos fell by 1.4%, with a median price of $350,000. Home sales in the $1m to $2m price band rose by 16.5% compared to Q4 2023 and represented 21.1% of all home sales. Meanwhile, the median price band ($400,000-$500,000) made up 15.5% of total home sales.
With higher inventory and strong buyer motivation, it’s definitely a favorable time for buying and selling homes in Nashville. For more details, check out the full report.
Reach out if you are considering purchasing or selling a residential property. If you are relocating to the Greater Nashville area, we can refer you to our international network of awesome realtors who can help you win in your local market. We do the legwork for you and know the right questions to ask to connect you with a real estate pro who’ll make your home sale or purchase a success story.
The Nashville Real Estate Rockstars team congratulates all our clients for their real estate achievements in 2024, and we look forward to helping more clients move forward with their real estate goals in 2025.
Now let’s look at the numbers in detail for Q4 of 2024.