Today, we kick off a special report on Williamson County housing. We’ll explore issues such as senior housing, affordable housing, the current real estate environment and we’ll explore what you, our readers, said in a housing survey we ran. Today, we look at how the Williamson County housing market compares to the country as a whole.
Overall, housing in Williamson County is on a boom, with housing hitting all kinds of record highs this year. In March the median price of a house on the market in the county reached an all-time high and in April a record was set for volume in sales.
Before that, the market had been at its highest point since 2006, right before the economic downturn of 2007-2009.
According to the Williamson County Association of REALTORs, the market is soaring in price as demand is outstripping supply.
National Statistics
Here is a look at how Williamson County stacks up against the rest of the country.
Nationally, the median sales price of a single-family home was $296,400 in 2015 according to Census.gov‘s housing survey. The median price of all homes sold, however, was $232,000 in April 2015. This number has climbed steadily, up from $173,000 in April 2012 to $191,000 in April 2013, to $201,500 in April 2014 to $218,700 in April 2015.
But the numbers are climbing. April 2016 estimates put median home prices upwards of $321,000.
The current number represents a 4.9 percent increase over the past year.
The median sale price for a house is $131 per square foot.
The average house is on the market for 105 days before it is sold.
The average size of a sold home in 2015 was 2,520 square feet, according to Census.gov.
Zillow.com lists the median monthly rent in Williamson County as $2,426, against $1,436 in the Nashville metropolitan area and $1,404 nationally.
Williamson County Stats
Locally, the current median home price in Williamson County is $433,000, according to the Williamson County Association of Realtors, a 1.9 percent increase from last year at this time when the median home price was $425,000. The average days on market varies according to where in the county a home is located, but in most places, it is half to three-fourths as long as nationally.
The median cost per square foot is $138 for the county, with the average home size being 3,139 square feet.
Houses are moving off the market quickly all around the county. But, with an average on-the-market span of 54 days, houses are selling the quickest in Thompson’s Station. Nolensville (55 days) and Spring Hill (56 days). Houses in Franklin average 62 days on the market, and 63 days in Brentwood. In Fairview, however, houses take more than two extra weeks to be sold, averaging 78 days.
The place where houses take the longest to sell in the county also has the lowest median price tags, at $215,000.
Houses in Brentwood, which at $624,000 have the highest median sale price, almost triple the cost of a house in Fairview.
Franklin is the second highest, at $442,000; Nolensville third with $400,000; then Thompson’s Station at $329,000 and Spring Hill at $287,000.
In the first quarter of 2016, the market for single-family homes was up 10.3 percent from last year, with 1,053 closings compared to 955 in 2015 to this date.
March came close to accounting for half of those sales, with 448 closings.
“While the spring typically kicks off the robust selling season for residential real estate, the aggressive sales activity in March is the strongest we’ve seen since 2006,” David Logan, President of the Board for WCAR, said.“The latest residential real estate activity confirms that Williamson County remains one of the most desirable communities in the state among homebuyers.”
Current inventory of houses on the market is 1,703 houses. If demand stays this high they will all be sold within four months. A balanced market is considered one with a six month supply.
“Builders are scrambling for land and home sites in Williamson County, so it is definitely a seller’s market. Buyers are getting into multiple offer situations and are losing out on homes because of all of the growth in Middle Tennessee with more and more people moving into our area. Buyers need to be prepared that they might be in a multiple offer situation,” said Susan Gregory, broker with Parks Realty in Brentwood.
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