See which counties are doing the best
The new normal
If you’ve been perusing the housing market in Middle Tennessee, you may have noticed a startling increase in purchase prices over the last 12 months. While the increase varies from county to county and community to community, $200,000-plus purchase prices are the new normal.
From April 2017 to April 2018, home prices in Middle Tennessee counties have increased nearly universally. The seven counties with the highest percentage of growth were:
- Cheatham: 27.9 percent
- Robertson: 20 percent
- Rutherford: 15.5 percent
- Williamson: 11.5 percent
- Wilson: 10 percent
- Davidson: 8 percent
- Sumner: 3.9 percent
Homebuyers looking for homes in the $200,000 to $250,000 range are most likely to find themselves in bidding wars for properties and should prepare themselves to pay more than asking price for their new home. With local real estate professionals estimating at least two additional years of growth, housing prices aren’t likely to start going down any time soon.
Median home sales in Williamson County are higher than any other county in Middle Tennessee. For the first time, the median sales price in Williamson County went beyond the $500,000 threshold, according to the Multiple Listing Service. With the home buying season at its peak, the median purchase price for home in Williamson County was $503,250 in April 2018.
Williamson County may boast the highest sales prices, but Cheatham County’s percentage of growth was leaps and bounds higher than any other county. With a 27.9 percent increase, the median sales price of homes in Cheatham County increased from $181,750 in April 2017 to 232,600 in April 2018.
While the percentage increase in home prices in Davidson County was 6th on the list of growth, the median purchase price still comes in at a whopping $307,875. The 10 most expensive homes sold in the County in 2017 were all sold for more than $3 million each. The costliest home, a sprawling 10,000 square-foot home featuring an indoor elevator, sold for $5 million.
Rutherford County boasts a median home sales price of $261,053, a 15.5 percent increase over April 2017. Of the 10 most expensive homes sold in the county in 2017, all went for more than $800,000 and the top two sold for more than $1.1 million.
Middle Tennessee has one of the strongest housing markets in the country. With that strength comes increased prices and competition for potential buyers. For some buyers rising sales prices may also mean more research of possible properties and an increased need to ensure that they are staying within budget when in the midst of potential bidding wars.
Are you looking to buy or sell your home in Middle Tennessee? Leave us a comment below and tell us all about your experience.
EXIT Realty Bob Lamb & Associates is Murfreesboro’s most innovative real estate team.
EXIT Realty Bob Lamb & Associates
2630 Memorial Blvd, Murfreesboro, TN 37129