The average price of a home in Green Hills was $571,966 in 2005, with approximately 413 single family homes selling.
In 2006, the average price of a single family home in Green Hills was $646,548, with 372 units selling.
ZIP Code: 37215
Approximate Location Boundaries: Harding to the South, Franklin Road to the East, I-440 to the North, and Harding Road to the West Location Characteristics: Green Hills is an upscale community in Southwest Nashville, adjacent to Belle Meade, and north of Oak Hill and Forrest Hills and Brentwood.
Nearby are David Lipscomb University, Belmont University and Vanderbilt University Medical Center. St Thomas Hospital is just to the west of Green Hills. Rolling hills can be seen; indeed, there is a community called Seven Hills just south of Green Hills Mall. There are Civil War historic sites in the area.
Originally consisting of mainly private residences, with a small strip mall in the 1950's and 1960's, there is now the expanded Green Hills Mall with shopping, restaurants, movie theaters, and the famous Blue Bird Cafe. The area has some of the city's more expensive properties, perhaps because of the convenience. There are limited rental apartments. Older neighborhoods such as Whitland, Golf Club/Hampton, and Woodmont Estates serve as one of the highest appreciating areas of the city. Green Hills neighborhoods include Glendale, Belmont, Vanderbilt, Hillsboro, Woodmont Estates, Whitland, Bowling, Estes, Abbott Martin, Abbottsford, and Burton Hills.
Other new communities continue to be built. There is a huge mixture of new and old, as remodeling is constantly going on in older homes. There are teardowns also, with smaller homes being replaced by larger ones.There are occasional bargains out there, but the competition is stiff for good properties. Be nice to your contractor!
For More Information:
Josh Anderson
615.509.7000
Josh@JoshAndersonRealestate.com
www.NashvillesRealtor.com
Wednesday, April 18, 2007
Greater Nashville Market Trends
Market Conditions Summary for Greater Nashville, Tennessee
After bottoming in the fourth quarter of 2006, existing-home sales are forecast to gradually rise through 2007 and into 2008, while new-home sales should turnaround by summer, according to the latest forecast by the National Association of REALTORS®.
David Lereah, NAR's chief economist, said annual totals for existing-home sales will be fairly comparable between 2006 and 2007. "We have to keep in mind that we were still in boom conditions during the first quarter of 2006 with a high sales volume and double-digit price appreciation," he said. "We are starting 2007 from a relatively low point, so even with a gradual improvement in sales it'll be pretty much of a wash in terms of annual totals. The good news is that the steady improvement in sales will support price appreciation moving forward."
Existing-home sales for 2006 are expected to come in at 6.50 million, the third highest on record, with a total of 6.42 million seen in 2007. New-home sales in 2006 should tally 1.06 million, the fourth highest on record, with 957,000 projected this year.
Total housing starts for 2006 are likely to be 1.81 million units, with 1.51 million forecast in 2007, which would be the lowest level in a decade. Builders are pulling back on new construction to support prices of remaining inventory.
The 30-year fixed-rate mortgage will probably rise to 6.7 percent by the fourth quarter of 2007. Last week, Freddie Mac reported the 30-year fixed rate at 6.18 percent -- far below earlier consensus forecasts. "The current interest rate environment and housing inventory levels present a window of opportunity for potential buyers," Lereah said.
The national median existing-home price for all of 2006 is expected to rise 1.1 percent to $222,100, and then gain 1.5 percent this year to $225,300. The median new-home price, after rising only 0.3 percent to $241,600 in 2006, is projected to grow 3.0 percent in 2007 to $248,900.
"With all the wild projections by academics, Wall Street analysts and others in the media, it appears that much of the housing sector is experiencing a soft landing," Lereah said. "Despite the doomsayers, household wealth will not evaporate and the economy will not go into a recession. If you're in it for the long haul, housing is a sound investment."
The unemployment rate is likely to average 4.8 percent this year, following a rate of 4.6 percent in 2006. Inflation, as measured by the Consumer Price Index, is expected to be 2.2 percent 2007, down from 3.2 percent last year, while growth in the U.S. gross domestic product is seen at 2.5 percent in 2007, compared with 3.3 percent last year. Inflation-adjusted disposable personal income should grow 3.4 percent this year, following a rise of 2.7 percent in 2006
Call me today to find out more about the Nashville housing market. You can also visit my website for more on local resources, statistics and schools. www.NashvillesRealtor.com
Josh Anderson
615.509.7000
After bottoming in the fourth quarter of 2006, existing-home sales are forecast to gradually rise through 2007 and into 2008, while new-home sales should turnaround by summer, according to the latest forecast by the National Association of REALTORS®.
David Lereah, NAR's chief economist, said annual totals for existing-home sales will be fairly comparable between 2006 and 2007. "We have to keep in mind that we were still in boom conditions during the first quarter of 2006 with a high sales volume and double-digit price appreciation," he said. "We are starting 2007 from a relatively low point, so even with a gradual improvement in sales it'll be pretty much of a wash in terms of annual totals. The good news is that the steady improvement in sales will support price appreciation moving forward."
Existing-home sales for 2006 are expected to come in at 6.50 million, the third highest on record, with a total of 6.42 million seen in 2007. New-home sales in 2006 should tally 1.06 million, the fourth highest on record, with 957,000 projected this year.
Total housing starts for 2006 are likely to be 1.81 million units, with 1.51 million forecast in 2007, which would be the lowest level in a decade. Builders are pulling back on new construction to support prices of remaining inventory.
The 30-year fixed-rate mortgage will probably rise to 6.7 percent by the fourth quarter of 2007. Last week, Freddie Mac reported the 30-year fixed rate at 6.18 percent -- far below earlier consensus forecasts. "The current interest rate environment and housing inventory levels present a window of opportunity for potential buyers," Lereah said.
The national median existing-home price for all of 2006 is expected to rise 1.1 percent to $222,100, and then gain 1.5 percent this year to $225,300. The median new-home price, after rising only 0.3 percent to $241,600 in 2006, is projected to grow 3.0 percent in 2007 to $248,900.
"With all the wild projections by academics, Wall Street analysts and others in the media, it appears that much of the housing sector is experiencing a soft landing," Lereah said. "Despite the doomsayers, household wealth will not evaporate and the economy will not go into a recession. If you're in it for the long haul, housing is a sound investment."
The unemployment rate is likely to average 4.8 percent this year, following a rate of 4.6 percent in 2006. Inflation, as measured by the Consumer Price Index, is expected to be 2.2 percent 2007, down from 3.2 percent last year, while growth in the U.S. gross domestic product is seen at 2.5 percent in 2007, compared with 3.3 percent last year. Inflation-adjusted disposable personal income should grow 3.4 percent this year, following a rise of 2.7 percent in 2006
Call me today to find out more about the Nashville housing market. You can also visit my website for more on local resources, statistics and schools. www.NashvillesRealtor.com
Josh Anderson
615.509.7000
The Nashville Real Estate Market
The super strong housing market we experienced in the past few years finally showed signs of slowing in 2006. Early 2007 numbers show a continuation of this trend with sales remaining just below last year's numbers. Historically low interest rates and creative financing options still make it possible for more people than ever to take advantage of home ownership. Nashville continues to be a hot spot for business and industry which means the outlying areas will remain popular choices for homebuyers.
Bellevue - located in Southwestern Davidson County - has become a popular destination for those looking for close proximity to downtown Nashville while still needing a reasonably priced home. New construction is continuing at various price levels. Call or e-mail me to discuss your specific questions. Thank you.
Josh Anderson
http://www.nashvillesRealtor.com
615.509.7000
Bellevue - located in Southwestern Davidson County - has become a popular destination for those looking for close proximity to downtown Nashville while still needing a reasonably priced home. New construction is continuing at various price levels. Call or e-mail me to discuss your specific questions. Thank you.
Josh Anderson
http://www.nashvillesRealtor.com
615.509.7000
Update on Belle Meade homes
For the same two months last year the average home price for homes sold was $508,808. This year it is $612,833. Last year 35 homes sold in the same two months, this year 36 sold.
ZIP Code: 37205
Approximate Location Boundaries:
Belle Meade is located about 8 miles west of downtown Nashville
Location Characteristics:
BELLE MEADE is considered by most to be the wealthiest area in Nashville. It's residents include some the most successful business people and even a former vice-president of the U.S. Many of the homes are huge and quite expensive. This where most of the people with "old money" live. Commute time to Nashville is 10-20 minutes depending on how fast your chauffeur drives.
ZIP Code: 37205
Approximate Location Boundaries:
Belle Meade is located about 8 miles west of downtown Nashville
Location Characteristics:
BELLE MEADE is considered by most to be the wealthiest area in Nashville. It's residents include some the most successful business people and even a former vice-president of the U.S. Many of the homes are huge and quite expensive. This where most of the people with "old money" live. Commute time to Nashville is 10-20 minutes depending on how fast your chauffeur drives.
Subscribe to:
Comments (Atom)
