For today’s market update, I wanted to focus on East Nashville and Inglewood. So what’s the word in these two areas?
To start, May was a record-setting month in Nashville with nearly 4,000 home sales in the Midstate area, nearly a 6% increase from the same period last year. It was the most sales we’ve seen in May in the history of Nashville. Despite the lack of inventory, homes are still flying off the shelves. The average home price in Davidson County has increased 10% by $18,000 compared to last year.
Now, on to a couple neighborhoods where we help a lot of clients: 37206 (East Nashville) and 37216 (Inglewood).
As of last month, the average home price in East Nashville was $387,000 and there were 114 transactions with most homes being about 1,450 square feet. There’s a lot of variety in East Nashville from historic homes to new construction; the new homes tend to start in the upper $300,000 range with smaller homes starting in the lower $200,000 range.
In Inglewood, the average home price was $304,000 for homes about the same size. Most homes here tend to be post-WWII with a lot of cottages and Tudors as well as some new construction and even new condos. It’s a little more affordable, but it’s a little farther out.
East Nashville was primarily an area for first-time homebuyers when I first started my career, but many of them have been priced out of these two East Nashville zip codes. Many of these buyers have started looking north to the 37207 zip code between Ellington Parkway and Dickerson Pike, where last month, the average price was just $201,000. It’s definitely an area to keep an eye on.
If you have any questions about the market or about what’s happening in your specific neighborhood, just give me a call or send me an email. I look forward to chatting with you soon!