August proved to be a strong and stable real estate market for sellers in Wilson County, while prices remained affordable for buyers, according to Amy Hamilton, public relations chair for the East Middle Tennessee Association of Realtors.
“Inventory remains low at a little more than four months supply, making the still strong demand continuing to push prices up,” Hamilton said. “The new home market throughout Lebanon, and Mt. Juliet is booming as well, making up for a quarter of the market in both cities while foreclosures and short sales are dropping consisting of less than 12 percent of the total market.”
Hamilton said Lebanon ended August with 92 total sales, 22 of which were new construction. Of the 70 resold homes, the median sales price was $161,500, which was 98 percent of list price, and 79 average days on the market. Homes averaged $93.71 per square foot. New construction median sales price was $235,427 with a median price per square foot of $109.63. About 12 percent of Lebanon's market was foreclosures or short sales while 24 percent was new construction.
Mt. Juliet wrapped up August with 113 total sales. Of those, 11 percent were foreclosures or short sales and 27 percent were new construction. Of the resold homes in Mt. Juliet, the median sales price was $211,000, which was 96 percent of list price. The median price per square foot was $101.77 with 53 average days on the market. New construction median sales price was $297,708 with a median sales price per square foot of $117.49.
Watertown ended the month with seven sales, one of which was a foreclosure, and no new construction. The median sales price was $160,000, which was 97 percent of list price. The median price per square foot was $88.90 with 69 average days on the market.
Old Hickory and Hermitage ended August with 12 sales, two of which were foreclosures and no new construction. The median sales price was $173,500, which is 97 percent of list price. The median sales price per square foot was $97.07 with 37 average days on the market.
“With interest rates remaining low and even dropping slightly in the past few days, we expect to see sales continue to thrive and prices to continue to increase as the market remains stable,” Hamilton said. The fall and winter months in Middle Tennessee have proven to continue to be good months for sales, so sellers, don't let the season influence your thoughts of selling. The market is in need of inventory so supply and demand will win out. It is a great time sell in Middle Tennessee.”