As we step into the fall of 2023, the Nashville real estate landscape presents a mixed bag of trends. October has brought some noticeable changes, and it’s essential to dive into the numbers to understand the market’s trajectory. Here’s a snapshot of where we stand:
Slowing Down, But Price Tags Rise:
October saw a total of 11 properties changing hands. While not the lowest monthly sales volume this year (January held that with just 4 closings), it’s a noticeable drop from August’s peak of 23. Despite this, the average sales price hit a yearly high of $632,205. It seems that even with fewer sales, property values are not taking a hit.
Price Points in Perspective:
The median list price per square foot stood at $313, quite the middle ground compared to the $380 high in August and the low of $276 back in January. The sales price per square foot followed suit at $306, suggesting that buyers are negotiating prices down slightly.
Time on Market: A New Pace:
Properties lingered for a median of 42 days on the market before going under contract – the longest stretch we’ve seen all year. This shift might signal a move towards a buyer’s market, where buyers have the luxury of choice and less urgency to close deals.
Closing the Deal:Â
The median time from contract to close was 39 days, just shy of July’s 40-day high, pointing towards a longer closing process.
Inventory Insights:
October broke the year’s record with 51 active listings. More choices for buyers could be driving the increased days on market.
Pending Properties: A Dip in Demand?:
With 20 pending properties, demand seems to have cooled off slightly compared to earlier months.
The Wrap Up:
October’s real estate rhythm in Nashville has been less about the number of closings and more about the quality of transactions. Prices remain robust despite a slower market, indicating that Nashville’s allure remains strong, albeit with a shift in dynamics. As we move closer to the end of the year, it’s an opportune time for buyers looking for options and negotiating power. For sellers, it’s about patience and positioning to capture the best value.
Keep an eye out for these updates each month!
Nick Irwin
615-418-0563
nick@basenashville.com
