Supply, demand and new construction continued to increase the median sale price in home sales for January in Wilson County, according to Amy Hamilton, president of Eastern Middle Tennessee Association of Realtors.
January produced 52 more homes sold in Wilson County compared to the same time a year ago with an increase in average sales price of more than $73,000.
Last month wrapped up with 163 single-family residential homes sold with a median sales price of $258,797 and 68 average days on the market.
“Inventory remains low, which continues to keep our housing market leaning toward a seller's market," Hamilton said. “The market needs homes to sell now; the demand is there.
“As the year progresses, the demand for homes will continue in Wilson County, so sellers, now is the time to get your house on the market, and buyers, now is the time to buy as the trend shows that prices will continue to increase.”
Mt. Juliet ended January with 97 homes sold with new construction making up more than 58 percent of those sales.
“Homeowners, especially in Mt Juliet, are having to compete with new construction more than possibly ever before,” Hamilton said. “New construction in Mt Juliet is spread from the Gladeville area through Providence into the heart of Mt. Juliet and continues to the north and west portions close to the lake. There is not a dead area in Mt. Juliet. Everywhere you look, there is growth.”
New construction in Mt. Juliet is strong and dominating more of the market. Fifty-seven new construction homes closed in January. Del Webb contributed 32 of those, “proving the demand for lifestyle living for young at heart in our community,” Hamilton said. The median sales price in Del Webb was $350,673 with a median price per square foot of $155.75 and 2,356 a median square footage with three bedrooms.
Additional new construction in Mt. Juliet is strong as well with 24 closed homes outside of Del Webb. Those homes had a median sales price of $321,378 with a median price per square foot of $118.43 with four bedrooms and 2,792 square feet average size.
The median sale price of existing homes in Mt. Juliet was $184,000 with a median price per square foot of $97.89 and 74 average days on the market.
Those homes averaged three bedrooms with a two-car garage, built in 2002 with 1,969 square feet of living space. Of the 40 existing homes that sold in January in Mt. Juliet, 15 percent were foreclosures or short sales, which showed the market improved as well, Hamilton said. Existing homes in Mt. Juliet sold for an average of 94 percent of list price.
Lebanon ended January with 53 homes sold and 32 percent of those new construction and 3 percent were foreclosure or short sales.
“Again, that depressed part of the market seems to be trending down, which will help to increase our home prices across the board,” Hamilton said.
The median sale price of existing homes in Lebanon was $172,500 with a median price per square foot of $96.68 and 98.5 average days on the market. On average, existing homes sold were three-bedroom with a two-car garage built in 1998 with 2,178 square feet. Existing homes in Lebanon sold for an average of 92 percent of list price.
“New construction in Lebanon is in several different locations, as well, with the dominant areas being on the west side of Lebanon in several different developments,” Hamilton said.
The median sales price of new construction in Lebanon was $233,260 with a median price per square foot of $111.71. The demand appears to be a three-bedroom with a two-car garage and 2,451 average square feet.
Watertown ended January with two closed homes, and neither were foreclosure or short sales or new construction.
The median sales price was $154,500 with a median price per square foot of $91.88 and 191.5 average days on the market.
“Watertown is a quaint community that isn't as populated, therefore doesn't have as much turnover and is a great mixture of some newer homes with the classic homes of the’20s through ’50s that contributes to the charm that helps make Watertown the classic place that it is,” Hamilton said.
Old Hickory ended January with 10 sales, two of which were foreclosure or short sales and no new construction. The median sale price in Old Hickory was $163,900 with a median price per square foot of $87.94 and 53 average days on the market.
“Old Hickory is sometimes overlooked as being a part of Wilson County because it sits between Mt. Juliet and the Davidson County line,” Hamilton said. “Old Hickory has a lot of charm and conveniences, as well, so when you're looking in the Mt. Juliet area, don't forget to have your agent include Old Hickory.”