Is Hermitage, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Hermitage has remained a Seller's Market.
Key Takeaway
Hermitage is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Hermitage, TN
How much do homes in Hermitage, TN cost?
Median Sold Price
$423,941
$222/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Hermitage have sold for 3.1% more than they did a year ago.
Summary: The median home sold price in Hermitage was $423,941 in May 2024, up 3.1% from last year, and the median price per square foot was $222.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $210K | $208.5K | -0.7% |
| 2 Bedrooms | $321.6K | $305K | -5.2% |
| 3 Bedrooms | $407.5K | $414K | +1.6% |
| 4 Bedrooms | $499.9K | $510K | +2.0% |
| 5+ Bedrooms | $529.9K | $536.1K | +1.2% |
Summary: Hermitage housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.7%, 2 bedroom homes decreased by 5.2%, 3 bedroom homes increased by 1.6%, 4 bedroom homes increased by 2%, and 5+ bedroom homes increased by 1.2%.
Median Sold Price Compared To Nearby Cities
| Nashville | $513.9K | $531.4K | +3.4% |
| Hermitage | $411.1K | $423.9K | +3.1% |
| Old Hickory | $375K | $385K | +2.7% |
| Mount Juliet | $543.3K | $549.9K | +1.2% |
Housing Supply in Hermitage, TN
How many homes are available in Hermitage, TN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 233 | 247 | +6.0% |
Summary: The Hermitage real estate market had 247 homes for sale in May 2024, a 6.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 31 | 30 | -3.2% |
| 3 Bedrooms | 132 | 139 | +5.3% |
| 4 Bedrooms | 54 | 59 | +9.3% |
| 5+ Bedrooms | 15 | 18 | +20.0% |
Summary: The Hermitage housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 3.2%, 3 bedroom homes increased by 5.3%, 4 bedroom homes increased by 9.3%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 58 | 61 | +5.2% |
Asking Price vs. Sold Price
31 Homes Were Sold
Under Asking
22 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hermitage, you may be able to get a good deal. 50.8% of homes here sold below asking price last month.
Summary: A total of 61 homes were sold or pending in Hermitage in May 2024, up by 5.2% month-over-month. Of the 61 sold homes, 51% were sold under asking, 36% were sold at asking, and 13% were sold over asking.
Days on Market for Hermitage, TN
How long does it take to sell a home in Hermitage, TN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 34 Days | 19 Days | -43.7% |
Summary: Homes in Hermitage had an average of 19 days on market in May 2024, down by 43.7% compared to last year.
Breakdown of Home Sale Times
52 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Hermitage are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 61 homes were sold in Hermitage; 85% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2024 of the REALTRACS MLS. All rights Reserved.