Image Credit: House prices by Nick Youngson CC BY-SA 3.0 Pix4free
The Tennessee Conservative Staff –
Middle Tennesseans can expect to see a significant increase in home prices in the following year, especially in rural areas.
Because of increasing home prices in Davidson County, buyers are more frequently looking in outlying areas for more affordable options, but that does not always work out quite as they intend.
Jason Galaz, founder of Find A Home, Inc. and team lead for the Find A Home in Tennessee team, explained, “If more people want to move to the country or even just smaller towns, that increases demand, which we are already at a low inventory, so that does increase the price quite a bit, but you know those people who own those homes have earned that and they deserve it, so it’s kind of a give and take.”
Galaz noted that Tennessee has been a popular state for buying a home, and he does not predict that to change anytime soon.
“We have a lot of business moving here. It’s low taxes; you’ve got Amazon bringing in those jobs; you’ve got the car plant moving in Central and West Tennessee; we’ve got the other factories in East Tennessee; it’s not going to slow down.”
He does, though, say that he rarely finds people wanting to buy in Davidson County. Buyers usually are looking to move about an hour out of Nashville.
According to Zillow’s home value index, Williamson, Smith, and Overton counties are ranking toward the top of the list when it comes to predicted home increases within the next year.
College Grove in Williamson County is predicted to have more than a 10% increase, which is good news for homeowners in rural areas, but not buyers because of low inventory.
“I would say 7.9 to 10% is a big jump, an anticipated jump for me just because I pay attention to what’s going on. It’s a surprise to anyone who is sort of not paying attention, but if you look around, a lot of people are moving; a lot of the land is filling up. We still have plenty of it, but you know there’s less to sell at the moment, so unless we build more homes, more roads, and more schools and more everything, the prices will grow. You might see price jumps in some areas, but not value drops. I think value is going to continue to grow,” Galaz explained.
One Response
My folks have been considering TN, among other states, to move to (they are in a blue state). I have been looking at home prices in Middle TN and it’s now out of their budget.