As we enter the fourth quarter and the traditional “slow season” for real estate, the Williamson County Market remained strong. This is the 10th month out of the past 11 that the median sales price topped $400,000. The median sales price of $422,000 was 3.4% higher than the 2014 October median price, and the highest median price for October since at least 2005. It was the second highest median price this year, following April’s $425,000. That’s a strong statistic, as national numbers usually show about a 3% decline in October median prices. October saw 379 residential closings, which was a 6.7% increase over last year.
Realtors are still cautious about the market, as the National Association of Realtors shows a decline in first-time home buyers. Several factors play a role in that, but rising rents and home prices are inhibiting their ability to save. Furthermore, the extremely limited inventory in the first time home buyer price range is a concern.
Taking a closer look at the October Numbers:
………………………..CLOSINGS MEDIAN PRICE INVENTORY PENDING
RESIDENTIAL 379 $422,000 1721 362
CONDO 39 $196,175 90 35
LAND 18 $275,000 490 21
BRENTWOOD 53 $603,000 296 47
FAIRVIEW 13 $185,000 62 19
FRANKLIN 177 $465,000 719 158
NOLENSVILLE 30 $411,683 146 36
SPRING HILL 53 $295,000 185 47
TH. STA. 30 $258,803 192 38
Again, all solid numbers for Williamson County. And, looking around the mid-state, the numbers in the surrounding counties remain strong as well. A great economy, continuing good press about our area, and more employers moving in will continue to drive a solid market.