Today I’d like to share some statistics from the Davidson County real estate market from the third quarter of this year.
The average price for a home in Davidson County during the third quarter of 2016 was $290,650, which is up 9.2% from last year at the same time when the average sales price was $266,000. This falls in line with what we’ve been seeing for a while now—about a 10% increase year over year. This is a bit lower than the highest price we saw this season, which was just over $300,000. Whether the market is beginning to stagnate at this point or if it’s simply due to seasonal slowness remains to be seen.
I’d also like to highlight two specific neighborhoods to show you how much these numbers can vary between zip codes. The 37210 zip code, which encompasses Woodbine as well as parts of Elm Hill Acres and Bradley Parkway, is really hot right now. We are seeing a ton of infrastructure and investments being built up in this area and the neighborhood has just taken off in popularity. In just this zip code alone, we’ve seen a 31.1% increase year over year.
Compare these numbers to the 37212 zip code, which covers Hillsboro Village and parts of the Waverly and Belmont areas. The average sales price in this zip code is actually down 7.8% year over year and the average home size has fallen slightly. There are also not as many sales in this area. Last year there were 123 sales during the 3rd quarter, while this year there were just 100. I suspect that this is due to developers turning their focus to other areas where they can make more profit in the short term.
Clearly, our market can vary drastically from area to area. If you’re curious about what’s happening in your particular neighborhood or you have any other questions about real estate in general, please don’t hesitate to give me a call or send me an email. I’d be happy to help you!