Neighborhood appreciation
Median sale price, Price per square foot
| | 2013 | 2022 | % change |
| Gallatin | $91.21 | $219.00 | 140% |
| Hendersonville | $91.35 | $217.00 | 138% |
| Goodlettsville | $83.18 | $214.00 | 157% |
| Inglewood | $110.53 | $335.00 | 203% |
| East Nashville | $133.84 | $353.00 | 164% |
| Sylvan Park | $140.00 | $337.00 | 141% |
| Bellevue | $103.07 | $247.00 | 140% |
West Meade/
West End | $148.63 | $388.00 | 161% |
| Belle Meade | $281.93 | $584.00 | 107% |
| Green Hills | $169.11 | $422.00 | 150% |
| 12th South | $217.52 | $442.00 | 103% |
| Brentwood* | $139.45 | $334.00 | 140% |
| Franklin | $133.61 | $317.00 | 137% |
| Spring Hill | $90.20 | $237.00 | 163% |
| La Vergne | $76.61 | $213.00 | 178% |
| Murfreesboro | $85.58 | $211.00 | 147% |
| Smyrna | $86.64 | $225.00 | 160% |
| Mount Juliet | $107.04 | $234.00 | 119% |
| Lebanon | $94.80 | $211.00 | 123% |
| Average | $125.49 | $302.11 | 141% |
Richard Exton is one of the areas most experienced real estate appraisers, and he teams that experience with a curious mind and an extraordinary store of institutional knowledge concerning all things real estate.
He issues an annual report that is as eagerly awaited as the crop report in the movie “Trading Places,” a must-see movie for those who came along after 1983, a mere 40 years ago.
Exton recently compiled a report detailing what has occurred in the residential real estate market 2013-2022, a time when the greater Nashville area has experienced unprecedented growth. His report, which includes satellite cities and adjacent towns, conclude prices have risen, on average, 135%.
Oddly enough, Sylvan Park and The Nations are the only neighborhoods to come in at less than 100%, instead increasing in value 72% during that time. Expect 2023 numbers to push those areas past the 100% mark.
Additionally, the number of teardowns that sold for relatively inexpensive prices could have influenced the numbers. The entire chart is included here.
Inglewood topped the chart with a 200% increase. LaVergne is second with 178%, followed by Smyrna and Goodlettsville, which topped Belle Meade. Belle Meade was the most expensive per square foot in 2013 at $281, and more than doubled to $584 in 2022, more than any other area.
Sale of the Week
Modern homes continue to multiply in the Nashville-area residential market, and there is no shortage of buyers – but only when the price is right.
Three years ago, Realtors preparing a listing would run comparable sales, determine a value and list the home at 10% more than what the property was worth. Then they awaited the multitude offers, one of which would go over the already-inflated list price.
Yes, inflated as in inflation, which almost rhymes with recession, and we darn near had one.
935 Glendale Ln
Listed by one of the most successful teams under the Keller Williams flag, the Hendon Team, the property located at 935 Glendale Lane sold for $2.275 million after languishing on the market for several weeks at $2.57 million.
The home includes 6,112 square feet with five bedrooms, five full bathrooms and one half bathroom.
“Art lovers will appreciate the ample wall space for their prized collections,” wrote Tyler Henson, who with wife Jackie leads the Henson Team. He noted the primary suite gives way to a “private balcony overlooking the stunning Tennessee hills.”
All houses in this price range require what Henson describes as a “dream kitchen.” And if you have an indoor dream kitchen, you must have an outdoor dream kitchen. To not would be a nightmare.
Yet even with all of the bells, whistles, ranges and spacious suites, the house did not sell at $2.57 million.
There is a trick real estate brokers use when the property stays on the Multiple Listing Service or Realtracs for too long. For a small fee, the listing can be withdrawn and reentered as a new listing immediately, usually with a new price. And it does not carry the baggage of a hefty “days on market.”
That is what the ever-thinking Henson did, and the listing came back at $2,299,999. With the home priced correctly, activity ensued. Soon veteran real estate broker Shane Tallant with Parks arrived on the scene with a buyer. Tallant is no stranger to research and negotiations, and he found that the house was not a new listing at all.
By the time the dust settled – it being a dry season – Tallant had accomplished two tasks:
He arranged for his client to get the house under contract.
They negotiated $22,999 off the list price.
Another thing he did was rid the price of all of those pesky nines. Henson was able to procure a “very strong backup contract.” Often the backup – or secondary contract – is better than the primary contract, and the sellers and their agents hope the buyer’s broker will hiccup and miss a deadline so the seller can terminate.
That was unlikely with Tallant on the other side.
Richard Courtney is a licensed real estate broker with Fridrich and Clark Realty and can be reached at [email protected].