Home Sales and Median Price Up in Williamson County
Brentwood, Tennessee - Values for Williamson County homes continued the upward trajectory in October as the $422,000 median price was 3.4% higher than the same time last year, according to data from the Williamson County Association of REALTORS® (WCAR).
In addition to median price increases, October saw 379 single family residential homes sold in Williamson County, an increase of 6.7% over last year’s 355. An additional 39 condos sold during this same period, up 21.9% from the 32 sold last October.
“The sales volume and median price for October is encouraging,” said Chip Kerr, 2015 WCAR President. “Volume was in a range similar to 2006, while median price was the highest on record for October.”
Not only was it the highest median price for October since at least 2005, the median price was the second highest of any month this year, coming just short of April’s $425,000 mark. This marked the tenth month median price exceeded $400,000 dating back to December 2014.
The sales numbers were reassuring for an industry that underwent major regulation changes on October 3. The new Consumer Financial Protection Bureau (CFPB) regulations required major shifts in the lending industry and threatened to lengthen the closing process by as many as 14 days.
“Seeing sales volume for October increase, even in the midst of adjusting to federal regulations, is a testament to the hard work of housing professionals in our area,” said Kerr.
REALTORS® are still cautious about the overall trajectory of the national housing market. A report from the National Association of REALTORS® (NAR) shows a continual decline in first-time home buyers. The 2015 Profile of Home Buyers and Sellers found that first-time home buyers made up 32-percent of the market, compared to 33-percent a year ago. This was the third year in a row to see a decline in that category. Data ranging to 1981 shows first-time homebuyers historically make up about 40% of the market. The survey cites several factors, including rising rents and home prices that impede the ability to save. Scarce inventory in price ranges first-time buyers can afford was also a concern.
“Buyer education is going to be important in the future,” said Kerr. “Prospective buyers need to understand how debt impacts loan qualification. They also need to understand the types of loans and programs available for them to use.
“Whether it’s connecting them to lenders or financial counselors, REALTORS® are a great resource for first-time prospective buyers.”
The Williamson County Association of REALTORS® provides support and services for area real estate professionals and is the leading voice in the community for its members, as well as residential and commercial property owners. REALTOR® is a registered trademark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics.