June 2024 Real Estate Market Update: McFerrin Park, Cleveland Park, and Highland Heights
Hello, neighbors!
Welcome to our monthly market update for McFerrin Park, Cleveland Park, and Highland Heights. As we step into June, let’s look back at May 2024 and see how our beloved neighborhoods are doing in the real estate market.
Key Market Metrics:
Homes Closed:
In May, we saw 17 homes successfully close. This steady activity highlights the consistent interest in our neighborhoods and reflects a healthy market.
Days on Market (DOM):
Homes are selling quickly, with an average of 25 days on the market. This quick turnaround is a good indicator of a robust market with eager buyers.
Average Sales Price to List Price Ratio:
Homes are being sold close to their listed prices, with an average ratio of 78.7%. This suggests that the listing prices are well-aligned with market expectations, making it a great time for sellers.
Median List Price Per Square Foot:
The median list price per square foot for active listings is $475,000. This gives both buyers and sellers a good benchmark for valuing properties in the area.
Median Sales Price Per Square Foot:
The median sales price per square foot stands at $552,375. This metric helps to understand the value trends in our neighborhoods.
Average Sales Price:
The average sales price of homes in McFerrin Park, Cleveland Park, and Highland Heights was a notable $701,460. This figure underscores the value and desirability of properties here.
Inventory Insights:
New Listings: We had 36 new properties enter the market in May, providing fresh opportunities for buyers.
New Under Contract: 15 homes went under contract, showing strong buyer interest.
Active Inventory: On average, there were 73 active listings, giving buyers a good selection of homes to choose from.
Under Contract Inventory: An average of 21 homes were under contract, indicating a healthy pace of transactions.
Total Inventory: The total inventory stood at 94 homes, balancing supply and demand.
Months of Supply: With 5.09 months of supply, we are slightly leaning towards a seller’s market but still maintaining a balanced environment.
Practical Advice:
For Buyers:
With a variety of new listings and homes selling quickly, now is a great time to act. Make sure your finances are in order so you can move fast on properties that catch your eye.
For Sellers:
With a favorable average sales price and homes selling close to list price, it’s an excellent opportunity to list your home. Pricing your home competitively and preparing it well for showings can yield quick and profitable results.
Conclusion:
The real estate market in McFerrin Park, Cleveland Park, and Highland Heights is strong and vibrant. Whether you’re looking to buy or sell, these insights will help you make informed decisions. Stay tuned for next month’s update, and don’t hesitate to reach out with any questions or for personalized advice.
Happy house hunting and selling!
Nick Irwin | 615-418-0563 | nick@basenashville.com
