For the fourth straight month, Williamson County exceeded 500 closings. The median price of $415,000 is the highest median price on record, and the 567 closings, breaks the 2005 record for the number of closings in the month of August. All that to say, Williamson County is still a very strong market, in a real estate market that is starting to cool off nationally.
The $415,000 median price is a 9% increase over 2014. This is the 9th straight month that the median price has exceeded $400,000. Fairview seems to be experiencing the largest return on investment with a 40% increase in median price; $243,990 in 2015 compared to $173,769 in 2014. Thompsons State saw a 31% increase in median price, and Nolensville jumped 15% moving to a median price of $415,000 over $360,245 in 2014.
Brentwood had 92 residential closings with a median price of $677,500. There is 311 units of remaining inventory, with 102 units pending and an average DOM of 56. Franklin had 229 residential closings with a median price of $422,000. With a remaining inventory of 714 units, 197 pending units and an average Days on Market at 57.
Looking around the region, Davidson County had 988 closings with a median price of $235,000; Rutherford had 569 closings at a $195,000 median. Maury had 162 closings at $175,000 median price.
All of these numbers point to the fact, that without new inventory, the market will absorb all of the existing inventory before the end of the year. It is definitely a seller’s market. However, that doesn’t mean you can price your house out of range, or not maintain it’s condition. The buyers are still demanding a quality product and the appraisers are keeping prices somewhat in check.