Introduction: Williamson County, Tennessee, has consistently been a desirable location for homebuyers due to its blend of urban and rural lifestyles and luxurious properties. May 2024 was a particularly active month in the county’s real estate market. This blog provides a comprehensive analysis of the key trends and highlights from the 484 properties that closed in Williamson County during May 2024, offering valuable insights for buyers, sellers, and real estate enthusiasts.
Market Overview: The real estate market in Williamson County was particularly vibrant in May 2024. Here are some key statistics from the recent closings:
- Total Properties Closed: 484
- Average Sale Price: $1,146,694
- Median Sale Price: $1,000,000
- Average Days on Market: 32 days
- Average Days on Market (Excluding Properties with 0 Days on Market): 44 days
- Total Sales Volume: $555,803,096
Key Neighborhoods and Trends: Williamson County is home to several desirable neighborhoods, each with its unique appeal. Let’s explore the performance of some of these neighborhoods in May 2024.
Brentwood:
Brentwood continues to be a hotspot for luxury real estate. Known for its sprawling estates and high-end amenities, this neighborhood saw significant activity in May.
- Total Properties Closed: 84
- Average Sale Price: $1,852,066
Notable Properties:
- Higher Side: A luxurious estate featuring 6 bedrooms and 8 bathrooms, sold for $3,500,000.
- Average Side: A beautiful 5-bedroom, 5-bathroom home sold for $1,852,066.
- Lower Side: A cozy 3-bedroom, 2-bathroom home sold for $700,000.
- Average Days on Market: 30 days
- Average Days on Market (Excluding 0 Days): 42 days
Brentwood’s market remains competitive, with homes typically spending around 30 days on the market before closing. The neighborhood’s appeal lies in its blend of suburban tranquility and proximity to Nashville’s urban amenities.
Nolensville:
Nolensville offers a suburban feel with family-friendly neighborhoods. It saw a steady number of closings in May, indicative of its growing popularity.
- Total Properties Closed: 27
- Average Sale Price: $1,001,088
Notable Properties:
- Higher Side: A spacious estate with 5 bedrooms and 5 bathrooms, sold for $1,500,000.
- Average Side: A 4-bedroom, 3-bathroom home sold for $1,001,088.
- Lower Side: A charming 3-bedroom, 2-bathroom home sold for $500,000.
- Average Days on Market: 35 days
- Average Days on Market (Excluding 0 Days): 45 days
Nolensville properties tend to stay on the market slightly longer than those in Brentwood, averaging 35 days. The area’s charm includes its small-town atmosphere and community events.
Franklin:
Franklin, with its historic downtown and blend of old and new, remains a perennial favorite in Williamson County.
- Total Properties Closed: 218
- Average Sale Price: $1,143,494
Notable Properties:
- Higher Side: A historic mansion with 7 bedrooms and 9 bathrooms, sold for $2,800,000.
- Average Side: A 5-bedroom, 4-bathroom home sold for $1,143,494.
- Lower Side: A quaint 3-bedroom, 2-bathroom home sold for $600,000.
- Average Days on Market: 28 days
- Average Days on Market (Excluding 0 Days): 38 days
Franklin’s market is characterized by its diversity, appealing to both those seeking historic charm and modern luxury. The average days on market for Franklin homes was 28 days, reflecting strong demand.
Spring Hill: Spring Hill offers a blend of affordability and convenience, making it a popular choice for families and professionals.
- Total Properties Closed: 52
- Average Sale Price: $615,272
Notable Properties:
- Higher Side: A luxurious 5-bedroom, 4-bathroom home sold for $1,100,000.
- Average Side: A 4-bedroom, 3-bathroom home sold for $615,272.
- Lower Side: A charming 3-bedroom, 2-bathroom home sold for $400,000.
- Average Days on Market: 32 days
- Average Days on Market (Excluding 0 Days): 40 days
Spring Hill properties typically spend around 32 days on the market, reflecting steady demand and a family-friendly atmosphere.
Thompson’s Station:
Thompson’s Station, known for its scenic beauty and quiet living, also saw notable real estate activity in May.
- Total Properties Closed: 32
- Average Sale Price: $854,321
Notable Properties:
- Higher Side: A large estate with 5 bedrooms and 5 bathrooms, sold for $1,500,000.
- Average Side: A 4-bedroom, 3-bathroom home sold for $854,321.
- Lower Side: A charming 3-bedroom, 2-bathroom home sold for $600,000.
- Average Days on Market: 30 days
- Average Days on Market (Excluding 0 Days): 38 days
Homes in Thompson’s Station typically stay on the market for about 30 days, indicating a balanced market with consistent interest.
Fairview:
Fairview, with its more rural appeal, offers larger lots and a slower pace of life.
- Total Properties Closed: 21
- Average Sale Price: $588,134
Notable Properties:
- Higher Side: A spacious 5-bedroom, 4-bathroom home sold for $1,000,000.
- Average Side: A 3-bedroom, 2-bathroom home sold for $588,134.
- Lower Side: A quaint 2-bedroom, 1-bathroom home sold for $300,000.
- Average Days on Market: 36 days
- Average Days on Market (Excluding 0 Days): 45 days
Fairview properties tend to stay on the market for around 36 days, reflecting steady but slower-paced demand.
Others:
Other areas in Williamson County also contributed to the active real estate market in May.
- Total Properties Closed: 82
- Average Sale Price: $1,292,691
Notable Properties:
- Higher Side: A luxurious 5-bedroom, 5-bathroom home sold for $2,000,000.
- Average Side: Various properties across the county sold at prices averaging around $1,292,691, offering a mix of suburban and rural living options.
- Lower Side: A cozy 3-bedroom, 2-bathroom home sold for $500,000.
Property Types and Trends: The properties closed in May 2024 varied widely in style and price range, catering to different buyer preferences.
Luxury Homes:
Luxury homes, defined as those priced over $2,000,000, accounted for a significant portion of the market. Key features of these homes included:
- Large Square Footage: Most luxury homes ranged between 5,000 to 10,000 sq ft.
- High-End Amenities: Common features included gourmet kitchens, home theaters, wine cellars, and expansive outdoor living spaces.
- Prime Locations: Luxury homes were primarily located in Brentwood and Franklin, offering proximity to top schools and amenities.
Family Homes:
Family homes, priced between $500,000 and $1,500,000, were the bulk of the market. These homes typically featured:
- Practical Layouts: 3 to 5 bedrooms, open floor plans, and functional outdoor spaces.
- Community Amenities: Many were located in subdivisions with community pools, parks, and playgrounds.
- New Construction: A significant number of these homes were newly built, appealing to families looking for modern, move-in-ready options.
Investment Properties:
There was also notable activity in the investment property segment. These properties included multi-family units, rental homes, and fixer-uppers, catering to investors looking for rental income or renovation projects.
Market Dynamics and Influences:
Several factors influenced the real estate market in Williamson County in May 2024:
Interest Rates: According to TN.gov, the maximum effective interest rate for home loans in Tennessee in May 2024 was 8.38%. This rate is high compared to rates over the last five years but aligns closely with the 20-year average of 7.5%. The higher interest rate environment influenced both buyer behavior and market dynamics, contributing to a more competitive landscape and impacting affordability.
Remote Work: The ongoing prevalence of remote work continued to shape buyer preferences. Many buyers sought homes with dedicated office spaces, larger living areas, and amenities conducive to work-from-home lifestyles.
Inventory Levels: Inventory levels remained tight, particularly for high-demand properties in Brentwood and Franklin. As of July 10, 2024, there were 1,104 residential properties listed as active on the MLS. With an average of 353.6 houses being closed each month this year, Williamson County currently has approximately 3.12 months of inventory. This limited supply, coupled with strong demand, led to multiple offer situations and, in some cases, homes selling above asking price. The competition among buyers has kept the market dynamic and has supported price stability in various segments.
According to the MLS, through May 2024, the number of residential properties that have closed each month in Williamson County are as follows:
January: 258
February: 256
March: 366
April: 403
May: 485
In May 2024, the distribution of sales prices relative to listing prices was as follows:
- Above Listing Price: 406 properties, highlighting the competitive nature of the market.
- At Listing Price: 682 properties, indicating that pricing strategies were aligned with market expectations.
- Below Listing Price: 1,021 properties, offering opportunities for buyers to find value deals.
Buyer and Seller Tips: For buyers and sellers navigating the Williamson County market, here are some tips based on the trends observed in May 2024:
For Buyers
- Be Prepared: Given the competitive nature of the market, having financing pre-approved and being ready to act quickly is crucial. Sellers are more likely to consider offers from buyers who have their finances in order.
- Know Your Priorities: Clearly define what you need in a home, from location and size to specific amenities. This will help streamline your search process and make it easier to identify suitable properties quickly.
- Work with a Realtor: A knowledgeable Realtor can provide invaluable insights and help you navigate multiple offer situations. They can also offer guidance on market conditions and help you make informed decisions.
For Sellers
- Price Strategically: Work with your Realtor to price your home competitively based on current market conditions and recent sales in your area. Proper pricing can attract more buyers and potentially lead to multiple offers.
- Stage Your Home: Professional staging can make your home more appealing to potential buyers, highlighting its best features and creating a welcoming atmosphere.
- Be Flexible: Flexibility with showings and negotiations can help attract more buyers and facilitate a smoother transaction. Being open to accommodating buyers’ schedules and requests can make your property stand out in a competitive market.
Conclusion: May 2024 was a dynamic month for the real estate market in Williamson County, TN. With strong demand, varied property types, and competitive pricing, the market showed resilience and growth. Whether you’re buying or selling, understanding these trends can help you make informed decisions and achieve your real estate goals.
For more insights and to get to know me better, check out my introductory blog Meet Dale Dudley: Your Trusted Real Estate Advisor. As a dedicated Realtor in Williamson County, I’m here to help you navigate this exciting market and find your dream home or the perfect buyer for your property.