Middle Tennessee Housing Market Update

Into the third quarter of the year, the Middle Tennessee Housing Market is doing well, and constantly improving! Let’s look at some of the numbers for the year so far.

In Davidson County, closings on single family homes are up 5.3%, the average sales price is up 12.9% to $331,000. The median price is up 17.8% to $265,000. Williamson County single family home closings had a moment increase and are up 2.6%, the average sales price is up 4.8% to $498,000 and the median price is up 5.1% to $430,000.

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In an Existing Homes vs New Homes Analysis, the data shows that in Davidson County, 79.8% of sales have been existing homes, and the other 20.2% were new homes. In Williamson County, 66.5% of homes sold were existing, while the other 33.5% were new home sales. With the amount of infill construction in Davidson County, we were a bit surprised to see that such a large percentage of sales are coming from re-sale homes.

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As you can also see by this graph, the average annual sales price in our markets have fluctuated, but as of the last few years, they have been on the rise, and continue to do so!

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This is a lot of information and as such, it is important that you have the right advisors and partners to help you interpret it for your situation, whether it be buying or selling. We would love to be that help to you. Please don’t hesitate to give us a call if you would like to know more information on the market, or if you’re interesting in buying or selling a home! We would love to help you.