Williamson County Real Estate Market Report Q3 & Q4 2020
Q3 | Q4
2020
W I L L I A M S O N C O .
CON T EN T S
04
HERE TO STAY
06
MARKET TRENDS
12
MARKET EXPERTS
16
NEIGHBORHOODS
18
FRANKLIN
24
SPRING HILL
30
THOMPSON’S STATION
36
BRENTWOOD
42
NOLENSVILLE
48
FAIRVIEW
54
FEATURED LI STINGS
60
THE HEART F INDS A WAY HOME
This past year brought moments both humbling and introspective, peaceful and hectic, concerning and hopeful. In 2020, we spent more time in our homes than perhaps any year before, finding for the first time what it truly means to be at home. While 2020 will stand out in our minds and our memories for the rest of our lives, one could argue that Williamson County was the best place in the world to hunker down and live life a little differently. “WillCo,” as we endearingly refer to it, led the nation in job growth multiple times in the last decade. It has the best doctor-to-patient ratio in Tennessee and the lowest unemployment rate. Those achievements helped us through a year of unparalleled life, from social distancing to finding new ways to communicate with family and friends, new walks on WillCo nature paths, and new ways to shop safely at local businesses and support our growing community. Despite the unprecedented events of 2020, Williamson County has been a stable home for thousands, a desirable haven of community, solidarity, friendliness, and hope. The fastest-growing county in the state with 49% of residents having moved here from out of state, it’s safe to say that when new families settle down in our peaceful towns and picturesque countryside, they’re here to stay. At Compass, our pride is in our ability to connect those new homeowners with their WillCo dream. While each Compass team member plays a unique role in our organization, everyone on the team shares the clear goal of helping families find their place in the world. If you’re considering buying or selling a home in Williamson County, we’re here to help. Consider this report our gift to you to help you get centered in Williamson County, to see a snippet of our cities and rural areas, and to find out what each has to offer. H ERE TO S TAY
MARK E T T R END S
IT ’S A SELLER’S MARKET
71% 83%
of our agents say there were fewer sellers in the fall due to COVID-19
of our agents say the trend for 2021 will be a strong seller’s market with limited inventory and higher prices
RELOCATION, RELOCATION, RELOCATION
74% 80% 91%
of our agents did 3+ relocation transactions in the second half of 2020
of out-of-state buyers were from the west coast
of our agents say out-of-town buyers will cause residential prices to increase
Source: January 2021 Survey of Compass Nashville Real Estate Agents
WILLIAMSON COUNTY INSIGHTS
4,047 New Listings Q3+Q4
-20.63% % Change from Q1+Q2
3,784 Sales Q3+Q4
45.76% % Change from Q1+Q2
$565K Median Sale Price Q3+Q4 51 Days on Market Q3+Q4
7.41% % Change from Q1+Q2 -8.36% % Change from Q1+Q2
MARK E T E X P E RT S
“Despite the ongoing pandemic, Williamson County continues to be a very strong and competitive market. In the past, we looked at days on the market and now, some homes are under contract in hours. Buyers are continuing to move from out of state and most are willing to pay over list price to secure the property. I predict we will see an increase in median prices due to our consistently low inventory and the cost of new construction, but interest rates should remain low, making it a great time to purchase a home.”
— J ENN I F E R B I CK E RS TA F F
“The market data and trends for Williamson County shine a bright spotlight on the value buyers place in choosing to call Williamson County home. Buyers that have relocated here within the past year or two are now encouraging their friends and family to move to Williamson County. This is a great sign for the health of our future market. I expect the demand for move-in ready homes will remain strong this year and inventory will stay low. Buyers and sellers will need to be educated on the highly competitive nature of these current market conditions.”
— C I NDY WA L LAC E
I N T RO PAGE N E I GH B ORHOOD S
1 8
F RANK L I N
Founded in 1799, Franklin lives and breathes its history like no other. From its famous “Franklin on Foot” walking tour that shows just how much can be seen from its sidewalks, to other icons like Historic Main Street, the 1938 Franklin Theatre, and centennial, even bi-centennial homes and businesses, Franklin melds its unique history into a story of growth, prosperity, and togetherness. A truly charming place to settle, Franklin embodies a commitment to community, a soul-deep feature of the South. Not surprising given the growing interest in the area, the number of homes sold in Franklin surged by 52% in the second half of 2020, with average days spent on-market decreasing by 17%.
1 9
FRANKLIN INSIGHTS
1,685 New Listings Q3+Q4
-20.85% % Change from Q1+Q2
1,679 Sales Q3+Q4
52.36% % Change from Q1+Q2
$576K Median Sale Price Q3+Q4 52 Days on Market Q3+Q4
7.63% % Change from Q1+Q2 -17.80% % Change from Q1+Q2
2 0
2 1
2 2
“The Franklin housing market finished very strong in 2020. We saw record low numbers in inventory, which makes the demand for housing stronger than ever. Coupled with low interest rates, this market will remain strong in 2021. We are seeing a larger shift in higher price points as people migrate to our area from large metropolitan areas such as California, Chicago, and New York with cash in hand. They want the change of seasons, lower taxes, good schools, and a better quality of life for their families-Franklin offers all of those things, and so much more!” — DE B B I E B E AM
2 3
24
S P R I NG H I L L
Known for its rolling hills that stretch far and wide, Spring Hill offers a coveted rural setting that still provides all the infrastructure and amenities one needs. Spring Hill blends its rich history with modern amenities from the historic Rippavilla Plantation to preserved Civil War battlefields, museums of early Tennessee farm life, and up-and-coming boutique markets and shopping centers. Just 35 miles south of downtown Nashville, Spring Hill’s population has boomed in recent years. The growing interest is reflected in market changes for the second half of 2020. New listings increased by 15%, sold homes went up by 24%, and average days on market fell by 26%, all indicative of rising demand.
2 5
SPRING HILL INSIGHTS
698 New Listings Q3+Q4
15.95% % Change from Q1+Q2
460 Sales Q3+Q4
24.32% % Change from Q1+Q2
$405K Median Sale Price Q3+Q4 43 Days on Market Q3+Q4
5.34% % Change from Q1+Q2 -26.78% % Change from Q1+Q2
26
2 7
2 8
“COVID-19 has reshaped our entire lives, but most dramatically, it has reshaped the Williamson County real estate market. Through this “new normal” people have spent more time at home and therefore have taken the step to either buy for the first time or buy something more suited to their “new normal.” More people are migrating south to the Spring Hill area, which is causing homes to sell in multiple offer situations often above asking price. I have no doubt the migration south will continue, increasing the already soaring property values of our Spring Hill homes.”
— AMY T R EMAYN E
2 9
3 0
T HOMP S ON ’ S S TAT I ON From attractions like the reconstructed Thompson’s Station Train Depot to the restored H Clark Distillery, Thompson’s Station preserves its legacy as an 18th-century settlement that grew into one of Tennessee’s most desirable countryside settings. Thompson’s Station is conveniently located near interstates 840 and 65, offering quick commutes to nearby destinations. As every new subdivision in Thompson’s Station is built with its own neighborhood park, it’s no surprise that Thompson’s Station is one of the fastest growing cities in Tennessee. Newly listed homes are spending little more than a month on market before selling, with the number of homes sold up by 34% in the second half of 2020.
3 1
THOMPSON’S STATION INSIGHTS
288 New Listings Q3+Q4
-36.42% % Change from Q1+Q2
335 Sales Q3+Q4
34.00% % Change from Q1+Q2
$467K Median Sale Price Q3+Q4 43 Days on Market Q3+Q4
6.30% % Change from Q1+Q2 -37.96% % Change from Q1+Q2
3 2
3 3
3 4
“Thompson’s Station, like much of Williamson County, experienced a significant pandemic-related impact in overall results in the 1st quarter of 2020 and then rebounded in the 2nd and 3rd quarters. The 4th quarter settled into the usual seasonal pattern of lower activity. My hope is that as area residents receive their COVID vaccinations during the first half of 2021, they will be more comfortable listing their homes. The addition of those existing homes to the market will supplement new construction listings and provide broader opportunities for buyers and a more balanced market.”
— S COT T HUD S ON
3 5
3 6
BREN TWOOD
Well-run and peaceful with large residential lots and stunning geography, it’s no surprise that Brentwood is one of Tennessee’s most coveted residential communities. Home to one of the nation’s Top 10 Libraries for Children, a hub for business, executives, desirable recreational amenities around every corner, and top-ranking in its high standard of living, new families from across the nation find home in Brentwood, Tennessee. An excellent city to invest for long-term gain, prices in Brentwood continue to climb, with the last six months of 2020 reflecting a 22% increase in average home price. Homes are selling at a rapid pace too, with late-2020 posting a 67% increase in sales.
3 7
BRENTWOOD INSIGHTS
457 New Listings Q3+Q4
-28.14% % Change from Q1+Q2
512 Sales Q3+Q4
67.32% % Change from Q1+Q2
$929K Median Sale Price Q3+Q4 55 Days on Market Q3+Q4
22.68% % Change from Q1+Q2 -2.36% % Change from Q1+Q2
3 8
39
4 0
“The Brentwood real estate market has remained strong. The lowest inventory levels are driving up prices. The influx of people relocating to the area is a huge contributor to the increase. Strong schools, close proximity to shopping & restaurants and easy commute to Nashville makes Brentwood a huge destination for buyers. 2021 will continue to see low inventory across the board. With the new construction supply is lower than ever before, more and more buyers will consider renovating existing homes to get what they want.”
— E R I N KRU E GE R
41
4 2
NOL EN SV I L L E
Ranked as the third fastest-growing city in Tennessee in 2021, Nolensville is experiencing a surge of development and growth while maintaining its small-town appeal. Residents enjoy top- ranking public schools, large, tree-filled properties, and well- tended nature spaces and parks. Nolensville is well-known for its Farmer’s Market, the Mill Creek Brewing Co., Nolensville Feed Mill, local pottery and gift boutiques, art galleries, distilleries, and museums. Founded by an American Revolutionary War veteran, Nolensville preserves its history and culture while offering an aesthetic, friendly place to live. There’s been a recent drop in the number of homes on-market as Nolensville homeowners fall in love for the long-run.
4 3
NOLENSVILLE INSIGHTS
375 New Listings Q3+Q4
-41.95% % Change from Q1+Q2
378 Sales Q3+Q4
22.33% % Change from Q1+Q2
$565K Median Sale Price Q3+Q4 55 Days on Market Q3+Q4
-0.56% % Change from Q1+Q2 19.86% % Change from Q1+Q2
4 4
4 5
4 6
“Nolensville is a place where you purchase, get comfy and stay a while. People flock to Nolensville for the quaint shops and dining, community feel, and excellent schools. Due to the extreme decrease in inventory, multiple offers are common along with sellers receiving above ask offers on their listings. We believe this will continue to be the trend for all of 2021.”
— SA L LY BARK L EY & RON HOD GE S
47
4 8
FA I RV I EW
Take a beautiful drive down Tennessee State Route 100 to find Fairview, a tranquil country town featuring all the urban developments and amenities needed to live comfortably. The town is home to well-tended green spaces like Bowie Nature Park, and nearby Fairview High School, ranking as one of the top 1,000 high schools in the U.S. Close in proximity to Tennessee State Routes 100 and 96, Fairview residents have easy access to interstates 40 and 840. More home inventory went on-market to meet the rising demand in Fairview, (new listings surged 13% in late-2020). But just as quickly as homes were listed, they sold, with sale numbers climbing 47% during that same period.
49
FAIRVIEW INSIGHTS
190 New Listings Q3+Q4
13.10% % Change from Q1+Q2
155 Sales Q3+Q4
47.62% % Change from Q1+Q2
$353K Median Sale Price Q3+Q4 45 Days on Market Q3+Q4
1.00% % Change from Q1+Q2 -27.22% % Change from Q1+Q2
5 0
5 1
5 2
“I am not at all surprised by the increasing interest in the Fairview community! As Williamson County continues to attract more people, many from out of state, the growth has been tremendous and Fairview has so much to offer, a small- town feel with close proximity to Nashville. I anticipate this growth to continue with more homes being sold and home values continuing to appreciate.”
— GA BR I E L L E C E SAR I O
5 3
L I S T I NG S
FRANKL IN 311 Morning Mist Lane
This home offers elegance & simplicity on a lot backing up to a wooded common area with panoramic views with three spacious levels of living with so much charm & detail. Located in the Westhaven community that provides multiple conveniences and a short drive to Downtown Franklin.
Erin Krueger 615.509.7166 erin@erinkrueger.com
Lot 6
BRENTWOOD Marshall Place
1+ acre lots in a private, gated community with custom homes to-be-built starting at $2 million. Zoned for: Lipscomb, Brentwood Middle and Brentwood High.
Lot 1 - 1.12 acres Lot 4 - 1 acres Lot 5 - 1 acre Lot 6 - 1 acre “Coming Soon” Lots 9 & 10 Double Lot- 2.06 acres
Erin Krueger 615.509.7166 erin@erinkrueger.com
FRANKL IN 214 4th Avenue South
Exclusive opportunity to become a part of history! The historic Jackson-Deveydt House, built in 1900, has just received a full renovation. The level of care, attention to detail, and thoroughness put into the restoration of this home is as of yet unseen in the Franklin real estate market.
Heard Newman Team 615.800.7067 heardnewmanteam@compass.com
BRENTWOOD 9233 Weston Drive
Outstanding 6-bedroom home with heated salt water pool/spa/stone pavers, hardwood floors, new granite counters, brand new appliances, and many more upscale amenities in the heart of Brentwood.
Blair Baylock Teasdale 404.786.7200 blair.teasdale@compass.com
We hope this report has helped show you some of the highlights of Williamson County, both in the unique beauty of each locale and their forecasted growth metrics. Despite the challenges that 2020 brought to bear on WillCo, our home county continues to flourish and prosper, just like it always has. For close to half a century, Williamson County has been a Tennessee leader in growth, prosperity, and sustainable development. And through that growth, our local “neck of the woods” has retained its good-natured southern hospitality, even in the face of recent crises. Though our careers drive us, our schools teach us, our hobbies and passions invigorate us, and our communities support us, it is our homes that we come back to every day for comfort, solace, and a sense of safety. Coming out of 2020, we’ve found new meaning in our homes. And in 2021, our team at Compass looks forward to helping you find a place from which you can feel that meaning, comfort, happiness, and joy. We’ll be there for you, no matter what this year may bring. TH E H EART F I ND S A WAY HOME
Data sources: Compass Nashville Agent Survey Data, MLS Data (unless otherwise indicated)
Compass RE is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.
O 615 . 475 . 5616
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