Williamson County is Middle Tennessee’s flagship real estate channel: its housing market data tells a story that is both positive and predictable.
Over the past decade, Williamson County’s award-winning school system and its thriving business ecosystem have steadily pushed up home prices. Supply shortages and an increase in demand thanks to COVID-19 have exacerbated this surge in the past 12 months.
As the wealthiest county in Tennessee, Williamson consistently posts the state’s highest median home selling price every month. July was no exception. The region led the state with a median selling price of $ 739,719. That figure marks a 23% jump for the county year over year, according to data provided by Greater Nashville Realtors.
Conversely, the inventory of the area has dropped dramatically. Last month, there were only 686 listed for sale. To put that number into perspective, there were 2,568 homes on the market in July of last year.
Benchmark Realty agent Steve Jolly said the lack of inventory is speeding up the sale of homes. A year ago, Williamson’s homes were selling in an average of 30 days. Last month they were selling in a quarter of that time. In some cases, sellers buy their next home before putting their property on the market for fear that they may not be able to find another home in time before their current home is sold, Jolly said.
These trends are not isolated from Williamson. Davidson County has a similar history to Williamson County: Selling prices have skyrocketed as stocks and the average number of days on the market have fallen year over year, Jolly said. .
The annual percentage change in the Davidson County housing market data is consistent with the change in Williamson. Davidson’s median home selling price rose only three percentage points lower than Williamson’s. In both regions, inventories were reduced by more than half and the average number of days on the market fell to less than two weeks.
However, a side-by-side comparison of the numbers for the two counties – ignoring the annual percentage change – lends credence to the old adage “location, location, location.”
Median selling prices for homes in the two counties are several thousand dollars apart – Williamson’s median prices were $ 289,719 higher than Davidson’s.
The difference in inventory between counties is even more evident. There were 1,000 more homes for sale last month in Davidson County than in Williamson County, according to statistics from the Greater Nashville Realtors.
Fewer units available equals fewer days on the market. On average, Williamson homes sell four days faster than Davidson homes. Jolly reiterated the importance of comparing variance as a percentage of change and not just in numbers.
“These are two completely different areas. You’re going to have two different buyers and two different sellers, ”he said. “Comparing a dollar to a dollar or house to house, when you talk about these two markets, it’s like comparing apples and oranges. “