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There are currently 3,352 properties available for sale in Nottingham, which is an increase from 3,315 last month. In the last two weeks, 436 properties have come onto the market. This is a notable increase from the 263 that were put on the market in the last two weeks of December. This is normal as new year’s resolutions concerning moving always reinvigorate the property market in January whilst seasonal festivities distract both buyers and sellers in December. 



The current average asking price in Nottingham is £307,298 which is a slight decrease from £309,488 last month. The median* asking price has remained steady at £260,000. 



Properties in Nottingham had an overall average price of £251,851 over the last year.

The majority of sales in Nottingham during the last year were semi-detached properties, selling for an average price of £234,657. Detached properties sold for an average of £376,540, with terraced properties fetching £181,856.

Overall, sold prices in Nottingham over the last year were similar to the previous year and 3% up on the 2021 peak of £245,281.


Let’s take a brief look at what’s been happening over the last month with the property market in the NG8 postcode area.



The NG8 postcode covers Wollaton, Bilborough, Aspley, Cinderhill, and Beechdale. In that area, there are currently 275 properties available for sale, with 34 of those new to the market in the last two weeks

 


The average price of properties in the NG8 area is £330,067. This is a 23.8% increase since September when the average price of properties in NG7 was £266,702. The median price is £290,000.   



Most of the properties available are in the £200,000 to £300,000 bracket, with 31 currently on the market. There are 14 properties on the market in the £500,000 to £1,000,000 bracket. 



Properties in the £200,000 to £300,000 bracket sell the fastest, only staying on the market for 109 days on average. Properties under £100,000 are taking the longest to sell, with an average time on the market of 709 days. It is important to be aware of how much time properties tend to spend on the market if you are thinking of selling your property. Many people underestimate just how long the process takes when selling a property in the UK.

 

Here’s a breakdown of prices and the time spent on the market by number of bedrooms per property.




 

No. of properties

Average price

Median price

Average Time on Market


One bedroom


1


£265,000


£265,000


262 days

Two bedrooms

58

£221,610

£220,000

149 days

Three bedrooms

139

£276,584

£260,000

118 days

Four bedrooms

46

£449,452

£440,000

160 days

Five bedrooms

22

£526,134

£500,000

299 days





If you’re looking for more information about the Nottingham property market, or if you’re thinking of selling or buying in the area, please don’t hesitate to get in touch. You can call 0115 8240235 or email This email address is being protected from spambots. You need JavaScript enabled to view it.

 

*The Median Time on Market is the number for which half of the values in the sample are higher than it, and half are lower. The median of a list of numbers can be found by arranging all the observations from lowest value to highest value and picking the middle one. If there are an even number of observations, the mean of the two middle values is often used.

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