Williamson County is a Mid Tennessee real estate channel, with its housing market data telling both a positive and predictable story.
Over the past decade, Williamson County’s award-winning school system and growing business ecosystem have steadily increased house prices. The supply shortage and surge in demand from COVID-19 have exacerbated this push over the past 12 months.
As the wealthiest county in Tennessee, Williamson boasts the highest average home sales in the state every month. July was no exception. The borough was state-led with an average selling price of $ 739,719. The count for the county is up 23% year-over-year, according to data provided by real estate agents Greater Nashville Realtors.
Conversely, the area inventory has dropped sharply. Last month, only 686 copies were put up for sale. For comparison: in July last year there were 2,568 houses on the market.
Agent Steve Jolly of Benchmark Realty said homes are selling faster due to lack of inventory. A year ago, homes in Williamson sold an average of 30 days. Last month, they were selling at a quarter of that time. In some cases, sellers buy their next home before putting their property on the market for fear they won’t 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’s history is similar to Williamson’s, with sales prices skyrocketing while inventories and average days on the market plummeted from last year, Jolly said.
The annual percentage change in the Davidson County housing market data is in line with the change recorded in Williamson. Davidson’s median home sales price rose just three percentage points less than Williamson’s. In both regions, inventories were cut 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 two counties’ performance – excluding the annual percentage change – confirms the old adage “location, location, location.”
The median home sales prices in the two counties differ by thousands of dollars – Williamson’s median prices were $ 289,719 more than Davidson’s.
The difference in inventory between counties is even more obvious. Davidson County sold 1,000 more homes last month than Williamson County, according to statistics from the Greater Nashville Realtors.
Fewer homes available means fewer days on the market. On average, homes in Williamson sell four days faster than homes in Davidson. Jolly reiterated that it is important to compare the difference in percentage change, not just numbers.
“These are two completely different areas. You will have two different buyers and two different sellers, ”he said. “Comparing the dollar to the dollar or house to house when you talk about these two markets is like comparing apples and oranges.”