Bellevue Market Report
Bellevue, TN Market Update: December 2024
Following the record-breaking trends reported for November 2024, the Bellevue market experienced a noticeable cooling in December. While home values remain strong compared to historic averages, the market reflects seasonal adjustments and changing dynamics.
Market Highlights (December 2024 vs. November 2024):
- Fewer New Listings: December saw 34 new listings, down slightly from 43 in November, continuing the seasonal trend of reduced seller activity.
- New Under Contracts Slipped: Buyer activity also slowed, with 26 homes going under contract, compared to 40 in November.
- Active Inventory Steady: Active inventory held relatively steady, ticking up slightly to 85 from 83 in November.
- Closings Increased: Surprisingly, closings rose to 46, compared to 28 in November, indicating strong demand for the limited inventory.
- Months of Supply Flat: Inventory levels remained consistent, with 2.6 months of supply, unchanged from November.
What This Means for Buyers:
- More Negotiation Power: With sale prices softening and homes spending more time on the market, buyers may find opportunities to negotiate better deals.
- Act Strategically: Reduced inventory still means competition for well-priced homes, so buyers should act decisively when they find the right fit.
What This Means for Sellers:
- Prepare for Longer Market Times: Homes are taking longer to sell, so sellers should focus on presentation and strategic pricing.
- Expect Adjusted Prices: After the November high, pricing has normalized, and sellers may need to temper expectations while still benefiting from Bellevue’s overall strength.
Bellevue remains a desirable market with steady demand, but seasonal and market dynamics have shifted slightly, creating opportunities for both buyers and sellers as we enter 2025.
Important Note:
These market updates reflect a snapshot of trends at a specific point in time. Real estate markets can vary widely depending on location and season. To fully understand how these trends impact your unique situation, it’s crucial to speak with a trusted real estate professional. Let’s connect to discuss what these numbers mean for your plans in 2025!
Listing Metrics
34
New Listings
61
Under Contract
85
Active Listings
46
Closed Sales
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Market Metrics
$669,045
Avg Sale Price
37
Average Days
on Market (Sold Properties)
2.6
Months of Inventory
$588,500
Median Sale Price
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