After a slight reduction in home sales in October, greatly due to a government shutdown, Wilson County’s real estate market continues on the upward climb as a seller’s market, according to Amy Hamilton, public relations chair with the Eastern Middle Tennessee Association of Realtors.
Hamilton said November ended with 211 closed residential homes with an average price of $235,000. November 2012 ended with 163 homes sold and a median sales price of $198,000.
“Our sellers are obviously in a better position this year than last,” Hamilton said. “With 4.44 months of inventory available, we are still going strong in a seller’s market.”
Hamilton said continued growth and new construction in Mt Juliet dominated November in the numbers for Wilson County. Mt. Juliet produced 122 of the residential sales in Wilson County. The median sales price of existing resale homes was $216,500 and sold for an average 97 percent of asking price. The median price per square foot in Mt Juliet was $106.29 with 59 average days on the market. On average, the most popular homes sold in Mt. Juliet was a three bedroom, two bath, 2,187-square-foot home built in 2001. Mt Juliet’s foreclosure market was at a minimum with only 6 percent of the market listed as short sales or foreclosures in November, Hamilton said.
“New construction continues to take a huge part of the market share in Mt Juliet,” Hamilton said.
She said newly built homes made up 48 percent of the homes sold in November in Mt Juliet. The median sales price of those homes were $324,365 and sold for a median price per square foot of $135.86. Those homes were three bedroom, two bath homes with 2,438 square feet, on average.
Hamilton said Lebanon’s market continues to hold its own, as well, with more existing homes selling month to month. In Lebanon, the median sales price of existing resale homes was $170,000 with an average price per square foot of $92.04 and 79 median days on the market. Homes in Lebanon sold for an average 96 percent of asking price.
On average, three bedroom, two bath homes with 1,918 square feet built in 1997 sold in Lebanon in November. New construction in Lebanon was 27 percent of the market. The median price per square foot of a new home in Lebanon was $223,837 with a median price per square foot of $107.85. Those homes averaged four bedrooms, 2 baths with 2,410 square feet, Hamilton said.
Old Hickory ended the month with seven homes sold, 29 percent of which are foreclosures or short sales and no new construction. The median sales price was $149,000, which was 90 percent of list price and an average $79.91 price per square foot and 41 average days on the market. The median resale home in Old Hickory was a three bedroom, two bath with 1,764 square feet built in 1977.
Watertown had eight sales in November with 25 percent short sales and/or foreclosures. The median sales price in Watertown was $109,000, which was 91 percent of the list price. The median price per square foot was $77.28 with 68 average days on the market. The home statistics of resale homes was three bedroom, two bath with 1,491 square feet built in 1980.
“As you can see from the report, unlike so many people’s thoughts, there are still many people looking at homes and purchasing homes during the holiday and winter months,” Hamilton said. “People who tend to look for homes in November and December are typically more serious buyers. They, like the rest of us, are busy with holiday festivities so they choose their time wisely and aren’t going to be looking if they aren’t seriously ready to buy.
“There are so many reasons to continue to sell and buy now. Rates are still low, owning a home is typically cheaper than renting, there are tax advantages to owning and you control your payment based on what you choose, not your landlord.”