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Middle Tennessee Real Estate Data For 2018
by TJ Anderson
I’d say there’s more art than science to buying and selling a home in Nashville — so many different factors go into pricing a home to sell, into why a home might sit on the market longer or fly right into new buyers’ hands, into why certain neighborhoods rise up quickly while others stay level.
That said, there is plenty of science to real estate, too — or at least math — and following sales data does help give Nashville homebuyers, homesellers and Realtors a solid sense of how things are trending, and how to respond. So as we’re rolling into 2019, I’m looking over 2018 Middle Tennessee real estate sales and values data, now that we can get the complete picture.
Curious about how the year shook out on the Nashville-area home sales front? A little data from our busiest cities below:
Home prices in Nashville are up across the board, but we’ve seen some leveling out, in part due to the Nashville area finally seeing some home inventory relief. High demand and lower supply has kept Nashville home prices rising significantly over the past handful of years, and since new residents are still flocking to Nashville, this inventory relief is welcome.
So what should we expect in 2019? Economist Danielle Hale predicts inventory growth in Nashville to be among the highest in the country, which could temper some price growth. Home price growth in Nashville is also predicted to be significant: 6.9 percent, also among the higher percentage predictions in the nation.
That forecast also notes that “data was compiled before the announcement of Amazon HQ2, which is likely to have a significant impact on each city’s housing market.” Since Nashville is set to get an Amazon operations hub, we could see an Amazon bump in home prices, too.
Franklin, Tennessee, real estate in 2018
Unsurprisingly, Franklin home prices continued to rise in 2018, from a median late-2017 sales price (for all properties) of $452,500 to $477,000 in late 2018. The average per-square-foot home price in Franklin over the past year rose to $197, from $190, which might seem like a small jump, but multiplied by thousands of square feet, and you’ve got a good few bucks.
There were a few dips through 2018, as you can see in the chart below, but Franklin’s remained on an upward trend. There are no guarantees, of course, but Franklin homeowners look like they’re in a good place for 2019.
Like Nashville, home prices rose in Brentwood, Tennessee, in 2018 too, though the median sales price has been trending slightly lower toward the end of the year (which is expected, really — home prices tend to come down a little in the winter months, which is why I argue that winter can be the best time for househunting in the Nashville area).
On the whole for 2018, we saw a median sales price bump in Brentwood from $535,000 to about $545,000, and an average per-square-foot rise in price from $185 to $191.
What’s all this mean for Nashville-area residents who are thinking about buying or selling a home in 2019? It depends, of course, but professional real estate prognosticators are pointing toward continued (but likely more reasonable) price growth with Nashville-area homes, coupled with a couple of potential curveballs — namely, a likely rise in mortgage rates and the uncertain Amazon effect.
Want to dig more deeply into what listing your Nashville home might look like in 2019, or what it’ll take to buy a home in the Nashville area this year? I’d love to talk more, and help you get plans in place. Call or email TJ Anderson Homes here, and let me know what you’re thinking about.
TJ Anderson is a Nashville Realtor with Benchmark Realty who's helped countless clients both buy a home and sell a home in Nashville, Tennessee. He blogs about Nashville regularly, from Nashville-area....
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