Today, I have the Donelson real estate market statistics for single-family homes in zip code 37214.
Right now, we have a market action index of 67. The market action index analyzes the rate of sales versus the amount of inventory. Our market action index is the highest of any zip code in Davidson County. The average market action index for Davidson is 36, so the Donelson market is still smoking.
The Donelson market is driven primarily by a severe lack of inventory. There are only 42 homes available ranging from $150,000 to $480,000. The median price is $158 per square foot.
In November of 2014, there were over 100 properties on the market. That number has decreased over the last three years. Now, that number is down in the 40s. There simply isn’t enough inventory to support the demand. Everything that is getting listed is getting gobbled up, but prices are starting to flatten out a bit, so that’s interesting.
In fact, 48% of current inventory on the market has had at least one price reduction. Homes are spending an average of 51 days on the market, which is a little bit high compared to what I would expect to see for such low inventory.
There has been a lot of market activity in the two lower market segments, as they are the most affordable. Seven new listings came on the market last week, and five of them got absorbed into the market. There is simply not as much activity in the upper quartiles.
In the third lower quartile, 53% of the properties have had a price change. It’s hard to know exactly what is driving prices down. Maybe sellers are nervous about the cold weather and don’t want their home to sit on the market during winter, so they’re dropping their prices.
It could also be that sellers are coming onto the market with a price that is too aggressive, and they need to drop the price to get buyers interested in their property. It’s hard to say what exactly is driving that trend.
If you are interested in market stats for your zip code, follow this link. I can also send you stats on a weekly, monthly, or quarterly basis, and keep you updated on new listings or sales in your neighborhood. If you are interested or have any other questions, just give me a call or send me an email. I would be happy to help you!