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Belle Meade Real Estate Market Report - November 2018

Ines Hegedus-Garcia
ines@miamism.com

How is The Belle Meade Real Estate Market Doing?

There are currently 25 single-family homes for sale (compared to 22 last month)

  • Highest priced listing is $8,450,000 $7,950,000 for the modern, open bay, new construction at 7311 Belle Meade Island Drive with 75' of open bay frontage
  • Lowest priced listing is $505,000 for the 2/1 home at 739 NE 73 St
  • Pending Sales (Properties under contract): 2
  • Median Sales Price in November: $782,000 
  • Closed sales in November: 2 (compared to none in October)

The 2 Belle Meade homes sold in November were the following:

  • 715 NE 76 St - 4 bedrooms / 2 bathrooms, built in 1939, 2,165 SF of living space on 6,250 SF lot. Listed in October for $815,000 and selling for $810,000 ($374/SF)
  • 859 NE 73 St - 3 bedrooms / 2 bathrooms, built in 1941, 2,239 SF of living space on 7,080 SF lot. Listed in September for $749,000 and selling for $749,000 ($335/SF)

Average price per square foot for homes not on the water in November was $355, compared to previous months:

  • October **no sales
  • September **no sales
  • August average $315 (only one sale)
  • July average $302 (only one sale) 
  • The average price per square foot for non-waterfront homes for the first 6 months of 2016 was $353.  

Price per square foot for Homes on the water:

  • November **no sales
  • October **no sales
  • September **no sales
  • August average **no waterfront sales
  • July average $664 (only one sale)
  • The average price per square foot for waterfront homes for the first 6 months of 2016 was $723. 

We are finally seeing some movement in Belle Meade with pending contracts and actual closed sales.  Amount of inventory remains untouched but homes that come up on the market are moving quickly, as evidenced by the 2 sales from last month.  Pricing disparities will depend on the obvious:  condition, size and location and the not so obvious: street within Belle Meade, architecture and home distribution.  The average lot in Belle Meade is 5,900 SF, so any time you have a bigger lot, that will affect price, as will homes with 3 or more bedrooms.

Real-time market stats for 33138 suggest a slight Buyer's Advantage,

Home sales have begun exceeding new inventory. This is a Buyer’s market so prices are not yet moving higher as excess inventory is consumed. If the tightening continues and the market moves into the Seller’s zone, we may see upward pressure on pricing.

We also offer home value reports at MiamismValue.com or contact us for a no-obligation consultation.

Belle Meade House of The Month

The Miamism Sales Team recommends the 1947 home at 763 NE 76 St. Gorgeous 1940's home with separate guest house.  A lot of original details like open beamed ceilings, fireplace, hardwood floors, arches and front porch with updated bathrooms and kitchen.  This is a must see if you like charm. The home has 4 bedrooms / 3 bathrooms and total square footage of 1,998.

The marketing description reads as follows:

Belle Meade beach bungalow of your dreams. The unique set up is lovely for entertaining. Main house has original beamed ceiling and fireplace plus one bedroom and gut renovated bath with an additional bedroom turned into a closet/dressing room (can you ever have enough closet space). The fully separate guest house in the back has a huge bedroom with separate living room as well as a small kitchen and a wonderful bath with rain shower and unique tile design. Lastly there is a separate entrance studio with breakfast bar and a brand new bath to round out the offering. This ultra chic cottage has been in numerous publications.

It's offered at $688,000 ($344/SF)

Please click HERE or below to get additional photos and information about the property and contact us to schedule a private showing appointment.


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