January sales are often made up of delayed December closings and homes that went under contract in the first week of the new year. With the new year holidays and travel, January often has a slow start. In addition to that, freezing weather can often pause or delay showings and new listing launches. Comparing January 2024 with January 2023 helps paint a picture of the current Nashville real estate market.
Insights
- Average Days on Market decreased by 6.56% (4 days).
- Median Home Price increased by 2.2% ($10,000).
- Median Condo Price increased by 7.5% ($24,360).
- Residential (single-family and condominium) Inventory increased by 3.18% (221 properties).
- Residential Sales increased by 4.38% (74).
- The ratio of closings to inventory is matched at 4 months, with a 1.15% decrease in supply from this January over last.
Nashville Real Estate Market
January ended with 30 year interest rate averages of 6.69%. After four months of rates above 7%, a second month in a row of rates in the 6’s helped thaw our frozen market.
Growing inventory is such good news amid our housing shortage. That reflects homeowners’ confidence in the Nashville housing market. Moreover, that growing inventory hasn’t driven supply up shows that Buyers are writing more offers as listings are added. The demand is strong enough to consistently scoop up new homes. Lastly, an increase in closings for this January over last shows both increased activity from Buyers and Sellers and a strong lending environment. The first month of 2024 indicates a promising start to the Nashville housing market.
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Take a look back at Nashville Housing Market data from last month. Nashville Housing Market January 2024