Grassland Monthly Real Estate Recap: December 2022
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Two Grassland homes were among the Top 10 most expensive Williamson County homes sold in November. The homes in Laurelbrooke and Sneed Forest are part of 280 total homes sold in the county last month. Both homes settled in the $3 million bracket!
This home on Boxwood Drive, listed by
Matt Kirkegaard of Keller Williams Realty,
was on the market for 47 days before going
Under Contract. It was listed at $3,299,000
and settled at $3,150,000.
In Laurelbrooke, this home on Talon Way sold for
just a hair above list price, listed at $3,499,900
by Bill Henson of Silverpointe Properties. It sold
on November 30 for $3,500,000 even.
Not bad for an area with a median sales price of $925,000 - and an average sales price of $1,276,514!
For bigger picture perspective, here's how the rest of Williamson County's communities are shaping up. As of the end of November, Arrington had the highest median price:
- Arrington: $1,517,500
- Brentwood: $1,387,500
- Nolensville: $1,109,182
- College Grove: $993,789
- Franklin: $930,786
- Thompsons Station: $785,000
- Spring Hill (Will Co): $637,000
- Fairview: $569,900
Williamson County as a whole has come in at a median sales price of $950,000, which is a 23% increase in sales prices year-to-year. The graph below shows our home price performance from last November to now.
As of today, with interest rates creeping closer to the 6% mark, we're seeing a slight uptick in mortgage applications. Just since last week, there's been more than a 4% increase in mortgage purchase activity nationwide. This signals more homes likely going Under Contract in the next couple of weeks and likely more closings in January.
Meanwhile, take a look at our Active Inventory here in Williamson County as of November (black).
2019 (red) represents a typical seasonal pattern in Real Estate, though inventory levels back then were still considered low.
The increase in inventory isn't as representative of the amount of homes suddenly hitting the market as it is of fewer Buyers buying the homes already out there. Homes were left sitting on the market longer due to a decrease in Buyer activity.
So it would make sense that, last month, as mortgage interest rates decreased and Buyers started coming back to the market, our inventory levels decreased. We simply ended November with fewer homes remaining on the market.
It'll be interesting to see which direction interest rates go by the end of this week, since The Fed met today and raised the Funds Rate again.
But I think we're seeing enough of a pattern in Williamson County Real Estate now to know if interest rates continue their drop, more mortgage applications will be filed, leading to more homes Under Contract. Inventory will likely continue to drop, and home prices will likely continue to climb.
And likewise, in the opposite direction, if mortgage rates begin another upward trend.
It's too early to tell how it will all play out, but my hunch is we're going to have a pretty busy Spring market. And here in Grassland, more $3 million dollar sales won't be much of a surprise.
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For questions about selling or buying a home, please reach out! I'm a Grassland area resident and a Multi-Platinum Award-Winning Williamson County REALTOR ranking in the top 1.5% of agents in Williamson County. I am a Million-Dollar GUILD Member of the Luxury Home Marketing Institute, my market insights are regularly featured in broadcast media, and my success planted me on the front page of a December 2021 Nashville-area Magazine. But most importantly, I specialize in helping my friends and neighbors buy and sell homes.
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