How Close to List Price are Homes Selling in Nashville?

How Close to List Price are Homes Selling in NashvilleNashville is a crazy market.  Almost every home that I have sold this year has been at or above list price.  And most with more than one offer. 

I knew this could not last forever.   The end of the year slow down is one reason why.  There are fewer active buyers and sellers this time of year.  Most have been temporarily distracted by the busyness of the season.  That’s ok because they will be back in full force early next year. 

We are in the midst of the slow season in real estate in Nashville and it will last at least 60 days (or until the weather starts to warm up).  We still have a significant number of sales this time of year, about 60% of the peak.  However, it is a great time to see how prices are holding up. 

So, I pulled the 21 Hottest Zip Codes in Nashville (as measured by price appreciation) to see how close to list homes are selling for in these Nashville Neighborhoods. 

In a balanced market, you would expect to see the sales price about 3 - 5% below the list price.  Price wars may be on the decline, however, we are still in a strong sellers market.

Here are the results

Area

Zip

Avg List

Avg Sale

$ Under

% Under

SE Nashville

37210

$194,882

$193,436

-$1,446

-0.74%

North

37208

$272,306

$269,591

-$2,715

-1.00%

East Nashville

37207

$202,766

$200,424

-$2,342

-1.16%

Joelton

37080

$201,191

$198,196

-$2,995

-1.49%

Berry Hill

37204

$666,054

$647,761

-$18,293

-2.75%

Old Hickory

37138

$231,416

$227,659

-$3,757

-1.62%

Greenbriar

37073

$190,618

$216,272

$25,654

13.46%

Madison

37115

$152,169

$150,008

-$2,161

-1.42%

Hillsboro Village

37212

$612,973

$600,820

-$12,153

-1.98%

Inglewood

37216

$271,748

$268,667

-$3,081

-1.13%

Ashland City

37015

$183,356

$179,840

-$3,516

-1.92%

East Nashville

37206

$347,236

$345,080

-$2,156

-0.62%

S. Nashville

37211

$237,838

$236,371

-$1,467

-0.62%

Antioch

37013

$178,280

$175,937

-$2,343

-1.31%

Donelson

37214

$176,794

$175,731

-$1,063

-0.60%

SE Nashville

37217

$158,787

$156,497

-$2,290

-1.44%

Bellevue

37221

$318,661

$314,556

-$4,105

-1.29%

Bellemeade

37205

$786,086

$756,240

-$29,846

-3.80%

Nolensville

37135

$393,354

$391,644

-$1,710

-0.43%

West Nashville

37209

$301,453

$300,707

-$746

-0.25%

This kind of data takes time to crunch, and seeing the smiles on your faces makes it all worthwhile.

Here are a few things to consider with this information

  1. Home builders are not discounting their homes.  If you want new construction, expect to pay full price.

  2. If homes are priced right or have much activity, expect to pay the list price or more for the home.

  3. These numbers do not include any concessions paid by the seller on behalf of the buyer such as closing costs, prepaid interest, repairs, and home warranties.

  4. This list price data is the average list price at closing.  It may not be the same as the original list price. The average list and sale price data was pulled from the Realtracs MLS database with sales dates between 9/01/2015 – 11/30/2015.

  5. Past performance does not equal future performance.  Due diligence is always a necessity. 

If you like this kind of data and want to see it for your area in Middle Tennessee, hit reply and tell me your favorite area.


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