December 2024 Market Update: What’s Happening in Our Neighborhood?
As we wrap up 2024, let’s take a look at how the real estate market is shaping up right here in our community. Whether you’re thinking about buying, selling, or just keeping an eye on things, here’s what the latest numbers mean for us.
Fewer Homes Hitting the Market
This past December, only nine new homes were listed for sale in our area—down quite a bit from this time last year. On the flip side, 13 homes went under contract, which shows buyers are still out there and ready to make moves. If you’re a seller, this could be good news since fewer homes on the market mean less competition for you.
Home Prices Are Shifting
The average sale price for a home in December dropped slightly to about $701,000, down 7% compared to last year. But here’s the interesting part: the median sale price—basically the middle point—actually went up by 25%, landing at $612,000. This might mean that more buyers are focusing on mid-range homes rather than the higher-priced ones. It’s a trend worth watching, especially if you’re thinking about pricing your home to sell.
More Choices for Buyers
If you’ve been holding out for more options, you’re in luck. The number of active homes for sale jumped by 54%, giving buyers more to choose from. Total inventory (all the homes currently on the market) rose to 92, and we now have about five months of supply. This is edging us closer to a balanced market—one where buyers and sellers are on more equal footing.
Homes Are Taking Longer to Sell
On average, homes stayed on the market for 31 days before selling, which is a big increase from last year. This means buyers may have a bit more breathing room to weigh their options, but it’s also a reminder for sellers that pricing your home competitively and presenting it well are more important than ever.
What Does This Mean for You?
If you’re thinking about selling:
- With fewer homes hitting the market, now might be a great time to stand out while demand is still strong.
- Pricing is key. Buyers are showing interest in moderately priced homes, so it’s important to meet the market where it is.
If you’re buying:
- You’ve got more options to choose from than last year, and homes are taking a little longer to sell, giving you some breathing room.
- Even though prices are shifting, the variety of homes on the market means there’s something for every budget.
At the end of the day, real estate is personal. It’s not just about numbers—it’s about what works for you and your family. If you have any questions about how this market affects your plans, I’m always here to help. Let’s connect!
Nick Irwin
615-418-0563
nick@basenashville.com
