I absolutely LOVE my neighborhood - the Green Hills / David Lipscomb Area of Nashville is a great place to call home!
I do know, however, that this neighborhood has a 10% turnover rate each year (based on data from the past ten years), so people are flying in and out of here all the time!
That being said, if you are one of those who is ready to sell your Lipscomb Area home, what can you reasonably expect to get for it?
The average going rate for a home in this area over the past six months is $165.58 per square foot.
That means that if you have a 2000 square foot house, the current average market value for it would be $331,160.
That doesn't sound very good!?!?!!!
Well, you have to remember - we are looking at ALL of the comparables for the neighborhood. Now let's look a little bit closer...
IF YOUR HOUSE HAS NOT BEEN RENOVATED AT ALL, then the AVERAGE going rate for a 2000 square foot home would be $291,100.
IF YOUR HOUSE HAS BEEN RENOVATED - and I mean Kitchen Update AND Master Suite as well... then the AVERAGE going rate for a 2000 square foot home would be $364,240.
BUT NOW, LET'S LOOK AT HIGHS AND LOWS WITHIN THOSE RANGES...
For the house that has not been renovated, the lowest sold in the neighborhood was $245K for an 1100+ square foot asbestos-shingled house with 3 bedrooms, 1 bathroom on over a half acre.
The highest priced non-renovated home went for $370K for a stone tudor with 2400+ square feet, 3 bedrooms, 2.5 baths on a smaller lot.
NOW, for the renovated houses, the lowest priced house went for $279K with 1100+ square feet, 2 bedrooms and 2 bathrooms on a .27 acre lot.
AND, the highest priced renovated (and this was a MASSIVE renovation) house went for $852K with 4500+ square feet, 4 bedrooms, 4.5 baths on a supposedly 1.2 acre lot (this was a zero-lot line house, so I think the agent was fudging a bit on the lot size).
You can see that the price range is ALL OVER THE PLACE in our neighborhood. To find the truest value for YOUR PARTICULAR LIPSCOMB AREA HOME, you MUST compare "apples to apples". In other words, find homes that are similar to yours that have sold in the past six months. Find out what they sold for and then select a price that is competitive to ensure that your home is sold quickly and for the best price possible!
For more information on Green Hills / David Lipscomb Comparables, or to find out the true value of your home, please call Emily Lowe, Realtor at 615.509.1753.