What Trends Have We Seen in the Market Lately?

Hammond Property Group Video Blog with Brian Hammond

2017 is over, and the data is in. What has happened in our market? Find out right here.

Have you bought a home or thought about making a move in the last couple of years? If you have, you’ll want to pay attention to this market update.

Now that 2017 is over, the data is out. What has happened in the Nashville/Middle-Tennessee housing market? What are our trends? The data provided to you today is presented as recorded through our MLS of single-family homes over the past couple years.

Closings in the Nashville metropolitan area have gone from just over 27,000 in 2015 to over 29,000 in 2017. That’s about a 9% increase.

In that same period, prices have gone from just over $302,000 all the way up to $359,000, nearly a 19% increase. What are we seeing here? We’re seeing our volume continue to grow, but our pricing and what homes are selling for on average is growing at a far greater clip.

Williamson County in that same period has seen about 5,000 closings go to just over 5,000, a 3% or 4% increase. Prices in that period went from $473,000 to almost 542,000. That’s almost a 14% increase in pricing.

The same trend continues in Wilson County. Closings there went from 2,669 to just over 3,000 by the end of 2017, jumping up about 13%.

The average price around that same time went up over 20%, from $261,000 to almost $315,000.

What does this data mean?

It’s becoming more expensive to purchase a home in and around Nashville at a pretty consistent rate of increases.

Well, our market continues to see a steady increase in closing volume, but all these counties we’ve talked about today are seeing an even greater increase in pricing. It’s becoming more expensive to purchase a home in and around Nashville at a pretty consistent rate of increases.

We’re offering a free market analysis to all of our friends and family. That’s at no cost and no obligation whatsoever. If you’re interested in seeing how much your home value may have changed as a result of the trends of the past couple years, we’d be happy to provide that for you. Feel free to reach out and give us a call. Make it a great day!