Wow! 2019 ended with a bang! After a somewhat slower start to the Fourth Quarter, we were thrilled with how the year finished out. Consumer confidence was high as people put their home moves or real estate investments into motion in December. Let’s break down the December numbers a little bit and see what to look forward to in 2020.
Williamson County finished December with an Average Sales Price of $610,048, 469 total closings and an average of 36 Days on Market. That Average Sales Price is up 2.0% from this time last year at $598,342. However, the total number of closings was up 11.4%, 469 closings in December 2019 from 421 in December of 2018. December finished with only 2.3 months of inventory in the market in Williamson County, making it a great landscape for listing a home coming into the new year.
Davidson County saw great numbers as well. The county finished up December 2019 with an Average Sales Price of $436,663, 881 closings in December and an Average Days on Market of 28 days. This was a huge jump in Average Sales Price up 13.6% over December 2018’s average of $384,487. Total closings were down 2.4% though mostly due to a lack of inventory as indicated by December inventory finishing up at a low of 1.5 months of inventory.
Rutherford County saw similar growth as Davidson County with 12.2% growth from December 2018 to December 2019. Rutherford County finished the year with an Average Sales Price of $306,648 and total closings were up 33.9% year over year with a whopping 580 total closings in December 2019.
December Year Over Year growth in the Average Sales Price was slightly slower for Maury County. Average Sales Price was up 1.8% from $278,808 in 2018 to $283,706 in 2019. However, year over year closed units grew at a rate of 12% from 150 closings in 2018 to 168 closings in December 2019. The demand is clearly there for Maury County and inventory remains low at 2.1 months were of inventory coming into the new year.
Wilson County saw favorable growth in their December Average Sales Price at 6.5% from an Average Sales Price of $340,957 in December 2018 to $363,171 in December 2019. They also saw a 22% jump in closed units year to year in December from 223 closings in 2018 to 272 closings in 2019.
Overall, Middle Tennessee saw great growth from 2018 to 2019. A recent publication ranked Tennessee #5 among U.S. states for new residents in 2019. People are moving here and loving it. With inventory still low and demand still high, we expect to see continued growth in 2020. If you have questions about buying, selling or investing in Real Estate in the Middle Tennessee area, give us a call. We would love to dive into these numbers and more with you!
Wishing you all the very best in 2020, The Clough Team, Your Trusted Real Estate Advisors