End of Year Report: Nashville, TN Metro New Construction Median Sale Price Per Square Foot (Jan-Nov 2023)

End of Year Report: Nashville, TN Metro New Construction Median Sale Price Per Square Foot (Jan-Nov 2023)

Executive Summary

In this report, we analyze the monthly median sale price per square foot for newly built houses in Nashville, TN from January to November 2023, as provided by Zillow. Our analysis aims to identify trends, highs, lows, quarterly and annual averages, as well as monthly percentage changes. Furthermore, we offer insights into whether 2023 was favorable for buying or selling new homes and provide predictions for the 2024 market.

Table 1: Monthly Median Sale Price Per Square Foot (US$)

Analysis and Trends

• Trend: The median sale price per square foot showed fluctuations throughout the year, with a general upward trend from January to April, followed by a decline until July. From August onwards, prices began to stabilize, fluctuating within a narrower range.
• Highs and Lows: The highest median sale price per square foot was recorded in April ($242.99), while the lowest was in July ($224.30).
• Monthly Percentage Changes: Monthly percentage changes fluctuated, with the highest increase observed between January and March (6.56%) and the highest decrease between April and May (-4.14%).

Quarterly and Annual Averages

• Annual Average: The annual average median sale price per square foot for 2023 is $231.23.
• Quarterly Averages:
  • Q1 (Jan-Mar): $232.48
  • Q2 (Apr-Jun): $234.94
  • Q3 (Jul-Sep): $226.58
  • Q4 (Oct-Nov): $230.11

Closing and Ending Figures

• Closing Figure: The median sale price per square foot for November 2023 is $229.02.
• Ending Figure: The median sale price per square foot for November 2023 is $229.02.

Market Analysis and Predictions

2023 Analysis:
Based on the provided data, 2023 showcased fluctuations in the Nashville new construction market. The first half of the year experienced a notable increase in prices, indicating potential opportunities for sellers. However, from May to July, prices declined, which could have been advantageous for buyers seeking better deals. The market stabilized in the latter part of the year, suggesting balanced conditions for both buyers and sellers.

Advice:
For clients considering buying or selling new homes in Nashville in 2023, it’s crucial to consider the timing. The first quarter and the beginning of the second quarter were favorable for sellers, while the mid-year decline presented opportunities for buyers. As the market stabilized towards the end of the year, it offered a balanced landscape for both buyers and sellers.

2024 Predictions:
Looking ahead to 2024, we anticipate continued stability in the Nashville new construction market. Economic factors, including interest rates and job growth, will influence buyer demand and seller behavior. Additionally, factors such as supply chain disruptions and material costs may impact construction and pricing. Overall, we predict a relatively stable market with moderate price growth, offering opportunities for both buyers and sellers to capitalize on favorable conditions.

In conclusion, the Nashville new construction market in 2023 experienced fluctuations but ended on a stable note. Buyers and sellers should carefully analyze market trends and economic indicators to make informed decisions in 2024.

End of Report