Brentwood, Spring Hill Named Among Top Housing Markets

A national market research group named Brentwood and Spring Hill two of the top ten healthiest housing markets in the state recently.

SmartAsset’s third annual Healthiest Housing Markets Study ranked Brentwood third and Spring Hill the sixth healthiest markets in Tennessee.

The study measures market health by the average number of years residents spend in homes, home values, ease of sale, and the costs associated with ownership.

Rank City Average Years Living in Home Avg. Homes with Negative Equity Homes Decreasing in Value Avg. Days on Market Home Costs as % of Income Healthiest Markets Index
1 Germantown, TN 15.9 6.5% 7.3% 77.1 19.0% 87.98
2 White House, TN 12.9 5.5% 3.9% 66.5 20.2% 83.88
3 Brentwood, TN 13.9 4.7% 3.5% 133.3 18.7% 83.88
4 Bartlett, TN 15.0 11.9% 4.3% 78.5 19.4% 83.77
5 Goodlettsville, TN 12.9 6.1% 2.1% 32.3 21.9% 82.64
6 Spring Hill, TN 9.1 7.7% 1.9% 58.1 19.3% 81.71
7 Collierville, TN 13.0 6.9% 4.3% 75.9 20.4% 81.56
8 Hendersonville, TN 13.2 6.1% 3.0% 72.5 21.4% 80.42
9 Springfield, TN 13.2 7.4% 4.9% 47.8 21.7% 80.14
10 La Vergne, TN 12.0 6.3% 0.6% 40.7 22.6% 79.28
TN 15.9 12.8% 14.6% 164.0 20.2%

According to SmartAssets, they ranked markets using this methodology:

“A healthy housing market is both stable and affordable; homeowners in a healthy market should be able to easily sell their homes, with a low risk of losing money over the long run. So, in order to find the healthiest housing markets in the country, we considered the following four factors: stability, affordability, fluidity and risk of loss.

“We measured stability with two equally weighted indicators: the number of years people remain in their homes and the percentage of homeowners with negative equity (as homeowners with negative equity are more likely to go into foreclosure). To account for our second factor, risk, we used the percentage of homes that decreased in value. To determine housing market fluidity, we looked at data on the average time a for-sale home in each area spends on the market—the longer it takes to sell, the less fluid the market. Finally, we calculated affordability as the monthly cost of owning a home as a percentage of household income in each county and city.”