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Williamson County TN. Real Estate Market Update
Interpretation
Williamson County Real Estate Market Update – September 2024
Located just south of Nashville, Williamson County continues to show resilience in the current real estate market. Let's take a closer look at the trends that have shaped September 2024.
Key Highlights:
- New Listings: There’s been a 4% increase in new listings compared to September 2023, bringing the total to 533. This indicates a steady stream of properties entering the market, providing buyers with more options than in Davidson County, where new listings saw a slight decline.
- New Under Contract: The number of homes going under contract has also increased by 3%, reaching 310, which suggests that while there are more homes available, demand remains steady, keeping the market competitive.
- Active Inventory: Williamson County saw an 8% increase in active inventory, aligning with trends seen in Davidson County. Buyers are facing more options, which could lead to longer decision-making times.
- Total Inventory: There’s been only a slight increase in total inventory (1%), which suggests that homes are moving relatively quickly off the market even with the rise in listings.
- Closings: The number of closings is holding steady, up just 1%, which reflects a consistent flow of transactions even as market conditions shift.
- Prices Holding Strong:
- Average sale prices have risen 3%, bringing the new average to $1,168,224.
- The median sale price also saw a jump, rising 4% to $964,231. This shows Williamson County’s market is still experiencing price growth, even as other markets, like Davidson County, have seen drops.
Days on Market (DOM): On average, homes are selling faster, with the DOM decreasing by 16% to just 25 days, indicating a highly competitive market where buyers need to act quickly.
List-to-Contract Time: Holding steady at 57 days on average, homes are still going under contract relatively fast, a sign of high demand despite increasing inventory.
Months of Supply: The county’s months of supply has increased to 4.38 months (up 5%), indicating a shift towards a more balanced market, although still slightly favoring sellers. A balanced market typically has 4 to 6 months of supply.
Comparison with Davidson County
Compared to Davidson County, Williamson’s market remains more robust, particularly with price growth and faster sales. While Davidson is seeing cooling prices, Williamson County continues to benefit from its desirable location, top-tier schools, and relatively higher-priced homes that maintain demand.
National Context and Supplementary Data
- NAR Trends: Nationally, the National Association of Realtors (NAR) has reported a slowdown in sales activity, with existing-home sales dropping by 4.2%(
National Association of REALTORS®)(National Association of REALTORS®). However, markets like Williamson, which cater to high-demand buyers, remain insulated from some of the broader market cooling. - Zillow and Realtor.com: According to Zillow and Realtor.com's latest insights, some Southern metros, including Nashville, are seeing more extended days on market, but Williamson County bucks this trend with faster sales(
Realtor)(National Association of REALTORS®). - Mortgage Rates: Mortgage rates remain a significant factor in today’s market. With rates hovering around 6.50%(
National Association of REALTORS®), some buyers are finding it more difficult to afford homes, which could impact future sales, but Williamson’s high-end market continues to perform well.
What This Means for Buyers and Sellers:
- For Buyers: Although inventory is increasing, prices are still climbing. Buyers should act swiftly to secure properties, especially given that homes are selling faster in Williamson County than many other parts of the region.
- For Sellers: The market is still favorable, with rising prices and relatively quick sales. However, with increasing inventory, pricing your home competitively will be key to ensuring it sells within the desirable time frame.