Market's moving in the right direction

This 3/2 contemporary in Stonehenge is avilable for under $300,000.

A closer look at today’s residential market
By AMY STUMPFL
For Brentwood Home Page
After a scorching summer, most folks are ready for cooler temperatures. But local real estate professionals are hoping that the market stays hot as we head into fall.

According to July figures from the Williamson County Association of Realtors, residential closings in Williamson County increased by 6.3 percent compared to last month and jumped by 26.2 percent compared to July 2010. And while the median sales price dropped slightly, so did the average number of days on the market.

This 5/4 home in Carriage Hills is $399,000.

“That’s where we’re seeing a great change,” says Judy Williams, a realtor with Crye-Leike. “We’ve been incredibly busy. Attitudes are improving, and buyers are eager to take advantage of the low interest rates. I don’t see the prices going up yet, but houses are not staying on the market as long either.”

And while the local market still has plenty of room for improvement, Williams says that the area is faring far better than most.

“We haven’t been hit nearly as hard as other markets,” she says, citing Tennessee’s favorable tax climate and diverse economy as key advantages. “Of course, people also see Brentwood as offering a certain lifestyle – it’s a great place to raise your kids.”

Donnie Stanley of Pilkerton Realtors agrees. “The numbers have not totally rebounded, but they are moving up, slow and steady. And thanks to our schools and quality of life, we’re still much better off than other areas.”

Unfortunately, the fact that these other markets continue to suffer has a direct impact on the local real estate scene.

“I’m seeing a lot of people relocating to our area,” Stanley says. “But it makes it tough to buy here when you’re still trying to sell a home in another part of the country. We’ve actually had a bit of run on rental property.”

Stanley also is seeing an increase in new construction, in communities such as Whetstone and FountainBrooke.

“Overall, we’re busy and homes are moving,” he says. “With kids back in school, things traditionally slow down in September and October, but then crank back up in December and January. There’s still a lot of inventory to work through, but things look promising – and that’s good news.”

In the $500,000 to $600,000 price range, you'll find an all-brick home in Brookfield with this temperature-controlled wine cellar.

Looking for more good news? Here’s a snapshot of today’s market:

Eleven single-family Brentwood homes are currently available on RealTracs.com for less than $300,000. And while most houses in this price range are older, many have been updated and there’s a nice mix of architectural styles – including a 3/2 contemporary in Stonehenge and a 4/2 log home in Owl Creek. And in Chestnut Springs, you’ll find a 2003 traditional brick home listed for just $274,900.

Moving up in price, there are 54 homes listed between $300,000 and $400,000 in Brentwood right now – including some rare opportunities in sought-after neighborhoods. In Foxland Hall – which is easily walkable to Brentwood Middle/High schools – you’ll find a 3,070-square-foot home listed at $344,500. And $399,000 will buy a spacious 5/4 home in Carriage Hills.

Looking for amenities? Check out the beautifully updated 4/2 in Somerset, which features a community pool and tennis court, along with easy access to Crockett Park. Several listings are also available in the amenity-rich Courtside at Southern Woods, including some newer construction. And speaking of new construction, you can build your dream home in desirable FountainBrooke for as little as $349,900.

For those looking to spend between $400,000-$500,000, there are nearly 60 listings – including well-established neighborhoods such as Brenthaven, River Oaks and Meadow Lake. Want something a little newer? For $410,035, you can get a brand-new 3,315-square-foot home in Courtside in Southern Woods, with four bedrooms, 3-1/2 baths and a full unfinished basement.

In July, the average price of homes closing in Brentwood was $558,881. What can you buy in that price range now? A whopping 75 homes are available between $500,000 and $600,000 – including an updated Parade of Homes winner in Derby Glen Close listed at just $504,288. With 4,750 square feet and a full acre of property, this beautiful home offers plenty of room to roam. Or how about the 5,066-square-foot all-brick beauty in Brookfield, which features a temperature-controlled wine cellar, home office, full basement and added workshop for $589,900?

Have a little more to spend? Once you get over the $600,000 mark, the possibilities are nearly endless – from exclusive gated communities and golf-course living to lovingly maintained executive estates and new custom luxury homes.