Franklin Monthly Real Estate Recap: April 2024

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I'm reminiscing on some fun times at Preds games in the past with my hubby -- This pic taken 5 years ago -- and win or lose, the team always puts on a good show!            

This most recent game was a nail-biter and not the outcome we wanted, but we'll be there watching the next one, cheering them on.

Playoff series elicit a similar roller-coaster feeling that I get day in and day out in Real Estate. Our market changes almost every day, and quite dramatically with the extremely highs and lows of what can happen during a home purchase and sale.

Timing the Market

As you've seen, it's nearly impossible to get your Real Estate goals to align with the economy. But what you CAN do is use all the most relevant up-to-date information to get what you need out of any Real Estate move.

Locally, here's what we've seen so far:

• Our median sales prices in Williamson County have gone up by $78,511 year-to-year as of March 2024.
• Our median sales prices in Williamson County have almost doubled since March 2019 -- increased by $433,997 as of last month.
• Mortgage interest rates continue to hold steady, not budging hardly at all in Buyers' favor for the past several weeks.
• Multiple offer situations are returning to Williamson County -- but not widespread. Just for certain homes with certain updating and other desirable facts and features.
• Days on Market has decreased from February to March -- the first decrease in DOM since October 2023.

Here in Grassland, our inventory seems to be on an uptick. And Buyers are meeting demand. Here are some of the Grassland home sales in the past month, according to neighborhood and location. Click each RealTracs link to see the listing info as well as pictures and descriptions:

• Brentwood Pointe: 1 home Closed at $495,000
• Fieldstone Farms: 6 homes Closed at an average price of $774,000
• Cottonwood: 3 homes Closed at an average price of $833,000
• Monticello: 1 home Closed at $985,000
• Stonebridge Park: 1 home Closed at $1,179,000
• Cornerstone: 1 home Closed at $1,200,000
• Whitehall Farms: 1 home Closed at $1,300,000
• Gardens at Old Natchez: 1 home Closed at $1,343,000
• River Landing: 1 home Closed at $1,830,000
• Temple Hills: 1 home Closed at $2,200,000
• Echo Park: 2 homes Closed at an average price of $2,834,000
• Hidden River: 1 home Closed at $4,395,000
• Leipers Fork: 1 home Closed at $4,900,000
• Deerfield: 1 home Closed at $8,450,000
• Moran Rd: 1 home Closed at $9,700,000

The Broader Markets

We know by now that not every market reacts the way our local market does with each ebb and flow of the economy. We are relatively insulated here in Williamson County - though not immune to down economies.

Having said that, the only thing that's been down here these past few years is our inventory level. The green line in this graph shows our local number of homes For Sale in 2024 as of the end of March, compared to the preceeding years. You can see we are way below the red line -- even lower than last year. The red line indicating our last "normal" year before the pandemic.

And because we continue to start each recent year on the low end of inventory, not meeting the demand of home Buyers, we are seeing an increase in home prices.

This graph will give you some perspective on how our prices compare year-to-year so far:

You can see we've started off way higher than the past couple of years, and our prices remain stubbornly high.

Bad News on the Horizon?

For years now, we've continued to hear news of a looming Real Estate crash. The most recent talk right now is a possible stock market crash as a result of what's happening with the Chinese yen.

2 things we will likely see if this scenario plays out: Mortgage interest rates will likely go down -- the break Buyers have been waiting for! If this happens, our home prices may continue to stay where they are or even increase.

It's a delicate balance for The Fed, for sure. And there's no real way to predict what will happen -- people have been trying to for years and have failed. 

One thing is certain, though. We have experienced some major equity growth these past 4 years -- and even since this time last year. Possibly more than you'd save in a year by waiting around on interest rates to drop.

The only thing I'm waiting to drop now is the next puck when the Preds play again. But I'm betting they won't be the only winners this week!

--- Visit Erika's Links ---

Thinking of moving? Need a plan tailored to your needs? I'd love to help you. I'm a Franklin resident and a Multi-Platinum Award-Winning Williamson County REALTOR ranking in the top 1.5% of agents locally. I am a top producer within Benchmark Realty, the largest brokerage in Tennessee and among the largest in the country. My continuing education includes several designations and my experience keeps me up-to-date with fast-changing market trends. 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. Why look further when you've got a friend and neighbor who is among the best in the business!