December 2023 Market Report for Nottingham

Here we are in 2024 already. Hope you had a great time bringing in the new year. Let’s take a look back over the property market in Nottingham during December 2023 to round out the year.

By regularly examining the facts and data, we provide valuable insights to property sellers and buyers, helping you make informed decisions in the ever-changing Nottingham property market. 

There are currently 444,362 properties available for sale in Nottingham, which is an increase from 3,315 last month. In the last two weeks, 263 properties have come onto the market.

The current average asking price in Nottingham is £309,488, which is an increase of 0.8% since last month when the average asking price was £307,153 but is still down slightly from £312,820 in October. The median* asking price has remained steady at £260,000. 

Properties in Nottingham had an overall average price of £252,061 over the last year.

The majority of sales in Nottingham during the last year were semi-detached properties, selling for an average price of £235,339. Detached properties sold for an average of £376,674, with terraced properties fetching £181,594.

Overall, sold prices in Nottingham over the last year were similar to the previous year and 3% up on the 2021 peak of £245,019. Buyers are no longer fearful of a major collapse in house prices. Home buying decisions now hinge on the financial ability and willingness of people to take on 4-5% mortgage rates. Real income growth is at last starting to appear which is supporting people’s desire to move home.

Let’s take a brief look at what’s been happening over the last month with the property market in the NG7 postcode area.

The NG7 postcode covers the north east of Nottingham and includes the boroughs of Bulwell and parts of Aspley, Basford, Berridge, St Annes, Bestwood, Bulwell Forest, Rise Park and Sherwood. It is a diverse and multi-cultural neighbourhood, with people from all walks of life. It is a great place to find shops, restaurants and cafes, as well as pubs and clubs. It is also within close proximity to the city centre and Motorpoint Arena and close to the M1 and M62 motorways.

In the NG7 area, there are currently 201 properties available for sale, with 16 of those new to the market in the last two weeks. 

The average price of properties in the NG7 area is £266,702. The median price is £180,000.   
Most of the properties available are in the £100,000 to £200,000 bracket, with 93 currently on the market. There are 14 properties on the market in the £500,000 to £1,000,000 bracket. 

Properties in the £100,000 to £200,000 bracket sell the fastest, only staying on the market for 164 days on average. Properties over £1,000,000 are taking the longest to sell, with an average time on the market of 285 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 Bedrooms         No. of properties   Average price   Median price      Average ToM

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 enquiries@robinsestates.com

*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.