Hello, neighbors of McFerrin Park, Cleveland Park, and Highland Heights! It’s time for our monthly market update to keep you informed about the real estate trends in our community. Let’s dive right into the numbers for June 2023…
In the past month, our combined neighborhoods saw a total of 18 properties being sold. This is a slight increase from last month’s total of 15 properties, indicating a positive trend. The median list price per square foot stands at $350, while the median sales price per square foot is slightly lower at $335. This suggests that properties are generally selling very close to their asking prices.
The median days on the market have remained impressively short at just six days, showing that homes are in high demand in our neighborhood. Additionally, the median contract close days averaged 30 days, indicating a relatively quick turnaround from offer to closing.
Although the average sales price to list price ratio dipped a bit this month, down to 96.51%, it still suggests that properties are selling at a price very close to their listed value. This is great news for sellers in our area.
Currently, we have 41 active properties available for sale, providing plenty of options for prospective homebuyers. Moreover, there are 27 pending properties, indicating a healthy level of buyer interest. In June, the average sales price for our neighborhood was $494,733, showcasing the value and desirability of our community.
Comparing this year’s market statistics with those of the same month last year, we observe some interesting trends. The total number of properties closed this year is down by 5% compared to the previous year. The median sales price per square foot has also experienced a 5% decrease. However, the contract-to-close days have decreased by 3%, meaning properties are selling and closing even faster than they were last year.
Furthermore, our sales price to list price ratio has seen a decline of 7% from last year. On the other hand, the current number of active properties has increased by 32% compared to the previous year, offering more choices to potential buyers. However, the number of pending properties has decreased by 13%, indicating a slight slowdown in the market. Lastly, the average sales price has dropped by 18% compared to the same period last year.
As always, it’s essential to keep in mind that real estate market trends can fluctuate, and these numbers provide a snapshot of our neighborhood’s recent performance. If you’re considering buying or selling a home, it’s recommended to consult with a local real estate professional who can provide personalized advice based on your specific needs.
That’s it for our June 2023 market update! Stay tuned for more exciting news and developments happening in our vibrant community. Please reach out with any questions!
Nick Irwin
615-418-0563
nick@basenashville.com
