Is Gallatin, 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, Gallatin has remained a Seller's Market.
Key Takeaway
Gallatin is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Gallatin, TN
How much do homes in Gallatin, TN cost?
Median Sold Price
$447,769
$225/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Gallatin have sold for 4.5% more than they did a year ago.
Summary: The median home sold price in Gallatin was $447,769 in May 2024, up 4.5% from last year, and the median price per square foot was $225.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $210K | $494.9K | +135.7% |
| 2 Bedrooms | $359.9K | $339.4K | -5.7% |
| 3 Bedrooms | $385K | $409.9K | +6.5% |
| 4 Bedrooms | $553.3K | $620K | +12.0% |
| 5+ Bedrooms | $925K | $905K | -2.2% |
Summary: Gallatin housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 135.7%, 2 bedroom homes decreased by 5.7%, 3 bedroom homes increased by 6.5%, 4 bedroom homes increased by 12%, and 5+ bedroom homes decreased by 2.2%.
Median Sold Price Compared To Nearby Cities
| Hendersonville | $476.4K | $512.7K | +7.6% |
| Gallatin | $428.3K | $447.7K | +4.5% |
Housing Supply in Gallatin, TN
How many homes are available in Gallatin, TN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 441 | 498 | +12.9% |
Summary: The Gallatin real estate market had 498 homes for sale in May 2024, a 12.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 39 | 45 | +15.4% |
| 3 Bedrooms | 240 | 264 | +10.0% |
| 4 Bedrooms | 130 | 155 | +19.2% |
| 5+ Bedrooms | 32 | 33 | +3.1% |
Summary: The Gallatin housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 15.4%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 19.2%, and 5+ bedroom homes increased by 3.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 101 | 87 | -13.9% |
Asking Price vs. Sold Price
35 Homes Were Sold
Under Asking
29 Homes Were Sold
At Asking
22 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Gallatin, you may be able to get a good deal. 40.7% of homes here sold below asking price last month.
Summary: A total of 87 homes were sold or pending in Gallatin in May 2024, down by 13.9% month-over-month. Of the 86 sold homes, 41% were sold under asking, 34% were sold at asking, and 26% were sold over asking.
Days on Market for Gallatin, TN
How long does it take to sell a home in Gallatin, TN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 28 Days | 27 Days | -4.4% |
Summary: Homes in Gallatin had an average of 27 days on market in May 2024, down by 4.4% compared to last year.
Breakdown of Home Sale Times
63 Homes Were Sold
Under 30 Days
19 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Gallatin are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 87 homes were sold in Gallatin; 72% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 6% 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.