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Hot Housing! How does Wilson County Compare

Hot Housing! How does Wilson County Compare

Real Estate Review November 2019 Lebanon Democrat

 

Hot Housing!

How does Wilson County Compare

 

by Helene Singer Cash

Living in Middle Tennessee we have seen new home construction continue to grow for the past several years.  With an average of 82 people moving to Nashville and surrounding communities every day, there is no doubt that housing will continue to grow.  Metro Planning estimate that 1 million more people expected to move to Middle TN by 2040, as reported by News Channel 4.

Nationally, the 2019 housing market was defined by limited inventory.  Yahoo! Money defined the three major trends - Older Buyers with a median age of 47, Seller Tenure with a record 10 years of living in their homes prior to selling and Fewer New Home available in the market.  All indicators of a slowing housing market nationally. 

According to the National Association of Realtor’s 2019 report on home buyers and sellers, sellers are staying in their homes longer and buyers are getting older; while, new homes comprise the smallest share of overall sales.  Multigenerational homes are on the rise at 12% of the homes purchased.  We are seeing a shift in buying habits and structure. 

How do these National Trends stand up to Middle Tennessee and Wilson County’s growth?

Is the hot housing market in Nashville or Middle TN recession proof?  According to the study completed by real estate company Redfin,  the Top 50 U.S. Metro areas, Nashville is one of the cities most at risk of being hit hard by a potential recession. However, local real estate experts say that may not be the case.

With all of the growth happening in Middle Tennessee, it doesn’t look as if the market is slowing.  Technically, a recession is two consecutive quarters (6 months) of stagnant or negative growth and we cannot see this in the near future of Middle TN; Hot Housing!  How does Wilson County Compareand Nashville and Middle TN have not seen any indication that growth is coming to a stand still. To better understand how Redfin quantified the score, click here for the full report.  

Just this summer, the Nashville market was ranked 9th among the Top 10 Markets for Home Buyers as ranked by Realtor.com.

"The U.S. housing market has largely favored sellers over the last several years as a result of the record-breaking low inventory and red-hot demand that led to intense competition and fast-rising home prices. However, we're now seeing some metros buck this trend," Danielle Hale, realtor.com®'s Chief Economist, said in an Associated Press report. "Slowing sales and growing inventories have caused months supply to increase in many markets across the country.  These buyer-friendly markets are areas where inventory already outpaces sales relative to other large markets and they are continuing to move in a buyer-friendly direction, but they're not the only areas trending this way," Hale said.

Nashville & Middle TN continue to maintain the growth as being a strong housing market that started close to 10 years ago.  According to Marco Santarelli with Norada "Nashville properties have a track record of being one of the best long term real estate investments in the U.S. Based on the last twelve months, real estate investors based in Nashville have found good returns on their investment. Nashville real estate appreciation rates in the latest quarter were at 1.31%."

Wilson County continues to trend well above the National Trend  above the Nashville - Middle TN trend.  The median list price of homes in Wilson County was $359.9 in October 2019, trending up 2.8% year over year.  The median listing price per square foot was $152 according to realtor.com.

The growth trend in 2019 and looking into 2020 has not slowed.  Wilson County fiscal year 2017/2018, 1324 new single family residential unit permits were issued.  In the first quarter of the 2019/2020 fiscal year, July 1 - September 30, 2019 over 1400 new permits were issued.  These permits may be a bit larger in the first quarter due to an increase in the Adequate Facilities Tax being raised, but there is no doubt that the growth is not slowing any time soon.

It appears that in the near future, Wilson County will be ahead of the growth curve, leading Middle Tennessee and surrounding areas as a highly desirable area to live, work & play.

 

Article first appeared in the Lebanon Democrat, November 23, 2019, Real Estate Review.

This entry was posted on Tuesday, December 3rd, 2019 at 10:06 AM and is filed under Featured, Updates. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.



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