February 2025 Market Update: McFerrin Park, Cleveland Park, and Highland Heights
The real estate market in McFerrin Park, Cleveland Park, and Highland Heights is showing a mix of growth and shifting trends. Let’s break it down:
-Home Prices Are Up  – The average sale price jumped 23% year-over-year, rising from $550,787 in Feb 2024 to $677,556 this past month. Median sale prices also increased by 11%, reaching $599,500. This suggests home values in the area are holding strong, benefiting sellers.
-Inventory and New Listings on the Rise – We saw a 27% increase in new listings, climbing from 30 last year to 38 this February. Active inventory also rose by 26%, giving buyers more options.
-Fewer Closings, Longer Days on Market  – The number of closed sales dropped 55%, from 20 to 9, and the average days on market (DOM) increased to 32—a 45% jump. This signals a more patient market, where buyers are taking longer to make decisions.
 -Months of Supply Surged – This metric skyrocketed 155% to 7.86 months, meaning the market is shifting from a seller’s market toward more balance, or even a buyer’s market.
What This Means for You:
For Sellers:Â Rising home prices are a plus, but fewer closings and longer market times mean pricing your home correctly and having a solid strategy is more important than ever.
For Buyers: More inventory and longer time on the market could mean less competition and better negotiation power. If you’ve been waiting to buy, now might be a great time to explore your options.
Questions about the market? Let’s chat!
Data sourced from Realtracs, February 2025
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Reach out if you are curious about your home’s current value!
Nick Irwin | BaseNashville
nick@basenashville.com
615.418.0563