Thompson’s Station Home Values Increase 12%

By: Clark Shelton

According to a recent report by Zillow–one of the nation’s largest real estate marketing firms—the median value of homes in Thompson’s Station increased by almost 12%. We sat down with Greg Langeliers, Town Administrator for Thompson’s Station, for a Q & A about the dramatic upswing and Thompson’s Station growing community.

Q: What would you consider to be the 3 biggest reasons for such an increase in the value of homes in Thompson’s Station?

First, access. With State Route 840 open now for several months, people are realizing that access to I-65, I-40 & I-24 and their associated destination options is readily available via two US Highways–31 and 431–and State Route 840. All of our major subdivisions and most of our existing residences are just minutes away from major access routes.

Next, Vision and Leadership. Fortunately, the Town’s first mayor and each mayor thereafter has embraced a comprehensive vision for the Town. This vision has always included preservation of the Town’s open space and rural feel. The only money that the Town has ever borrowed, to this point, was to purchase the 28-acre park off Thompson’s Station Road West. The leadership has consistently embraced a do-it-yourself mentality that expected input and participation from the town’s residents.

And finally, Buzz and Branding. Because of the Town’s commitment to planning and community input, the Town’s concepts for trails, parks, green space, walkability, community gardening, historic, cultural and natural preservation, etc, we have been reasonable fodder for the press. This symbiotic relationship helps get the word out that the municipality is progressive, open, far-sighted and fiscally responsible. This information demonstrates the town’s commitment to the preservation of an open space and agrarian feel interspersed with more intensive components near major traffic corridors and gives potential new homeowners comfort, relative to the preservation of their home values and an expectation of an attractive quality of life.

Q: After seeing this report, one has to wonder if there is a correlation between the open land purchase the City recently made to keep housing at a premium and keep the community feel that makes Thompson’s Station so special?

Given that there was likely an uptick in values prior to the town’s earliest announcement regarding the property, the entire upside cannot likely be attributed to that specific purchase; however, in our continued discussions with developers, builders, realtors, and other interested individuals, we’ve consistently shared the town’s vision on parks, trails and open space and other components we believe set us apart from other municipalities. That said, I believe it would be difficult to argue that there was no correlation, given earlier discussions and articles about our decision to purchase and the ultimate purchase of the property.

Q: The report by Zillow predicts a 3% increase in house prices by mid-2014. Would you see that as a fair assessment and how is the city prepared to deal with the increasing interest in the City of Thompson’s Station?

I don’t know the variables that Zillow utilized to model future markets, but a 3% increase does not appear unreasonable. The additional interest generated in Thompson’s Station will likely result in increased building pressure, and I believe that the town is prepared to absorb our portion of that growth. With the possible exception of transportation, other service and utility components have adequate capacity to serve the projected growth. Automobile traffic is typically the most difficult of the service components to solve. That is primarily because other jurisdictions contribute to our traffic flow and ours to theirs. Additionally, responsibility for roadways tends to be multi-jurisdictional with federal, state, county and municipal components. We think that our efforts to provide alternative means of travel via bike and pedestrian trailways and our continued support for mass transit possibilities are components of why potential residents find us interesting.