Look...The Time to Sell Your Nashville Home is Now!
Posted by Steve Jolly on Tuesday, February 12, 2013 at 8:11:13 PM By Steve Jolly / February 12, 2013 Comment
If you have been considering putting your Nashville Home on the market; it may be a great time to call your Real Estate Agent. Most of Nashville hit bottom in 2009, and we have been steadily improving since. Prices are rising, inventory is falling and consumer confidence is climbing in our fair city. Buyer’s agents are scrambling in many areas to find a home for their clients. Would you like to help these agents by listing your Nashville Home?
The current Nashville Real Estate Market is in equilibrium, and is headed towards favoring the seller. This year could be the first since 2007 when sellers are holding the cards. Many people define a seller’s market as having less than six months of inventory and a buyer’s market as having more than six months of inventory. For Nashville, I consider a seller’s market having less than four months inventory, a buyer’s market having greater than six months inventory and a balanced market between four and six months inventory.
Digging through the numbers we discovered eight areas in Metro Nashville where selling your home today could be profitable. These areas all have less than six months inventory, less than 90 Median Days on the market and a high sales to list price ratio. 98% of sales in Nashville are listed at or below $700,000; therefore, our analysis only includes homes at this price level. The market for homes above $700,000 is slower and tends to skew the overall numbers.
Here are eight areas in Metro Nashville where it is a great time to sell. (Sorted by sales volume)
Franklin (37064, 37067 & 37069) – 3.7 Months of Inventory, 69 Days on Market & 98.0% Sales to List Price Ratio
Franklin is one of the most popular areas of Metro Nashville. 769 single family homes have sold in the last six months. With less than 4 months of inventory today, Franklin may be considered a seller’s market. Currently, there are 475 single family homes listed at $700,000 or less with 203 properties pending.
Antioch (37013) – 4.0 Months of Inventory, 66 Days on the Market & 98.1% Sales to List Price Ratio
Does it surprise you to find Antioch’s statistics are very similar to Franklin? Prices in Antioch have been flat for a while due to the inventory levels and the number of new homes being built. With a median sales price of $126,000; Antioch is a great place to find affordable, newer construction.
East Nashville (37206 & 37207) – 4.2 Months of Inventory, 55 Days on the Market & 96.9% Sales to List Price Ratio.
East Nashville has been revitalizing for more than ten years, and it has grown into one of the hottest areas in Nashville. The median 55 days on the market over the last six months is evidence that buyers continue to quickly snap homes on the East Side. With a trendy commercial district, historic charm and affordable prices, it will continue to rise in popularity.
Brentwood (37027) – 3.4 Months of Inventory, 63 Days on the Market & 97.8% Sales to List Price Ratio
A great place to live the executive lifestyle; Brentwood has a Median Sales price of $424,900 and an average home size of 3,300 SF. Everything moves quickly in Brentwood and this is evidenced by the low days on market and the number of pending sales. This analysis includes Brentwood homes in Davidson and Williamson Counties.
Bellevue (37221) – 3.3 Months of Inventory, 72 Days on the Market & 97.0% Sales to List Price Ratio
The Bellevue Community has taken a few hits over the last few years. In addition to the housing meltdown, this community suffered from severe flooding in 2010. As quickly as it went down, this area is rising again. With one of the lowest inventories in Nashville, Bellevue is once again ready for steady price appreciation.
Green Hills (37215) – 5.4 Months of Inventory, 81 Days on the Market & 96.1% Sales to List Price Ratio
At an average sales price of $454,000, Green Hills is one of the more expensive areas to live in Nashville. This may account for its higher inventory levels and Days on Market. With only 96 homes on the market and 9 pending sales below $700,000; Green Hills is poised to make a run at a seller’s market this year.
Forest Hills/Oak Hill (37204 & 37220) – 3.0 months of Inventory, 60 Days on the Market & 97.2% Sales to List Price Ratio
Forest Hills and Oak Hill are primed for price appreciation with only 3 months of inventory on hand at the current sales rate. This suburban area is prized for its location, well built homes and the large lots with mature trees. This community is one of the hottest, small volume markets in Nashville.
Hillsboro Village/Belmont (37212) – 4.9 Months of Inventory, 49 Days on the Market & 97.5% Sales to List Price Ratio
The Hillsboro Village and Belmont neighborhoods are similar to Green Hills. With an average of 49 Days on the Market, it is difficult to find a home to buy in this area. This is especially true at list prices below $400,000. Like Green Hills, this neighborhood could easily change to a seller’s market this summer.
With some much uncertainty in the economy, interest rates and business; it is difficult to confidently predict the future Nashville Real Estate Market. If you are even thinking about selling, I recommend that you talk with a Real Estate Professional today.
Would You Like to See the Numbers for Your Subdivision? Call Steve now or leave your comments below!