Is Downtown, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Downtown was a Seller's Market.
Key Takeaway
Downtown is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Downtown, TN
How much do homes in Downtown, TN cost?
Median Sold Price
$750,000
$707/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Downtown have sold for 21.2% more than they did a year ago.
Summary: The median home sold price in Downtown was $750,000 in April 2024, up 21.2% from last year, and the median price per square foot was $707.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $487K | $535.9K | +10.1% |
| 2 Bedrooms | $875K | $895K | +2.3% |
| 3 Bedrooms | $1.1M | $1.0M | -2.3% |
| 4 Bedrooms | $950K | $710K | -25.3% |
| 5+ Bedrooms | $748K | - | N/A |
Summary: Downtown housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.1%, 2 bedroom homes increased by 2.3%, 3 bedroom homes decreased by 2.3%, 4 bedroom homes decreased by 25.3%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
| Downtown | $619K | $750K | +21.2% |
| The Gulch | $718K | $720K | 0.3% |
Housing Supply in Downtown, TN
How many homes are available in Downtown, TN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 141 | 170 | +20.6% |
Summary: The Downtown real estate market had 170 homes for sale in April 2024, a 20.6% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 58 | 82 | +41.4% |
| 2 Bedrooms | 59 | 57 | -3.4% |
| 3 Bedrooms | 19 | 24 | +26.3% |
| 4 Bedrooms | 3 | 5 | +66.7% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Downtown housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 41.4%, 2 bedroom homes decreased by 3.4%, 3 bedroom homes increased by 26.3%, 4 bedroom homes increased by 66.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 22 | 25 | +13.6% |
Asking Price vs. Sold Price
20 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Downtown, you may be able to get a good deal. 80% of homes here sold below asking price last month.
Summary: A total of 25 homes were sold or pending in Downtown in April 2024, up by 13.6% month-over-month. Of the 25 sold homes, 80% were sold under asking, 16% were sold at asking, and 4% were sold over asking.
Days on Market for Downtown, TN
How long does it take to sell a home in Downtown, TN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 41 Days | 47 Days | +14.3% |
Summary: Homes in Downtown had an average of 47 days on market in Apr 2024, up by 14.3% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Downtown are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 25 homes were sold in Downtown; 56% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2024 of the REALTRACS MLS. All rights Reserved.