Brentwood Real Estate Home Sales: 20 Years – 1998 to 2017
We are all very much aware of the unprecedented real estate market for Brentwood real estate home sales and surrounding areas. The multiple offers, some totally outrageous, have been exciting to follow. Home sales have soared to the sky and people’s home values have impressed everyone. Unpresented Brentwood Home Buying in December 2017 discusses the record-breaking Brentwood home sales by Christmas home buyers in December 2017.
Brentwood Real Estate Home Sales and Median Price
First, let’s examine the Brentwood residential real estate home sales numbers by going back 20 years. The first numbers to analyze are the number of home sales sold and the median home prices established by home sales. Secondly, the next series of numbers reviewed are the median price per square foot and the number of days the homes are on the market before going into contract. By looking at all these numbers or indicators, we can establish a fairly good picture of the overall home market. This study is based on home sales in Brentwood TN in Williamson County.
The Great Recession
The 20-Year Home Sales chart reveals a telling story. Not only does the chart show the huge dip for homes sold during The Great Recession but also when the slump began, its bottom and pre-recession home sales. Officially, The Great Recession began in December 2007 and lasted to June 2009 (stateofworkingamerica.org/great-recession). However, in 2006 housing prices began falling signaling the start of the recession. https://www.thebalance.com/the-great-recession-of-2008-explanation-with-dates-4056832.
Brentwood Real Estate Home Sales Strong 2006-2007
In Brentwood, homes sold in 2006 are solid and almost equal to 2004 after a small dip in 2005. Not until 2007 does the number of homes sold in Brentwood take a huge hit followed by two more years of solid reductions in the number of homes sold. Do note the strength of this pullback, more than half. The bottom of the Recession homes sales is clearly seen in 2009, and in 2010, the number of homes sold jumped to levels not seen in 2 years.
2012 to 2015 Strong Brentwood Real Estate Home Sales
The years for the greatest number of homes sold in Brentwood is telling as well. The last 8 years after the Great Recession officially ended, marks a huge growth of home sales. The peak, however, is not last year or the year prior, but 2014. Even the years 2012-2015 saw more homes sold than in 2016 and 2017.
The Numbers are in The Past
The story doesn’t end here. Look at the number of homes sold in 2003 to 2006. This is an impressive gain and far outpaces Brentwood’s recent hot market. In 2004, 1,014 homes sold followed by 991 in 2005 and 1006 in 2006, the year home prices began dropping in the US prior to the crash in 2007-8. Even in 2006, the median days on the market (DOM) for Brentwood homes was an astonishingly low 17 days, just like 2015 with 17 DOM, 2016 with 16 DOM, and 2017 with 17 DOM. (Median is used instead of averaging because it is exactly the halfway [midpoint] point between the low and the high.)
New Brentwood Home Buyer Expectations
The two remaining charts most strongly reflect the growth of Brentwood’s home values. Charts for the median home prices and the median price per square foot clearly point to increased prices for Brentwood homes. This is most important for homeowners who enjoy the strong growth of their home values. However, recent Brentwood home buyers feel the pain of buying at record-breaking home prices, but, at the same time, appreciate their growing assets.
Brentwood Real Estate Home Sales Double in 20 Years
Brentwood home prices have almost doubled in 20 years. Much of this is from the demand for homes in Williamson County particularly Brentwood. Property taxes are lower in Williamson County compared to all surrounding counties. Secondly, the schools are among the best in Tennessee and Brentwood schools rank near the top nationwide.
Why are Brentwood Homes So Expensive?
However, prices throughout the area have risen sharply in recent years. Much of this is due to the cost of building homes has exploded. Material costs and shortages increase dramatically following natural disasters like Hurricanes Katrina, Sandy, Ike, Wilma, Charley, and Ivan. Other factors like labor have steadily moved up, and land has become very expensive because growth is exceeding supply. There is only a limited amount of usable land available. Finally, the Brentwood luxury home market has had a huge effect on home prices as the homes have become larger, more elaborate, and utilize expensive, high tech gadgetry.
Brentwood Real Estate Home Sales Summary
The number of homes sold in Brentwood for the past 5 or 6 years has been very strong. However, the years 2003 to 2006 saw more homes sold. What is significant is the price of homes today, 20% to 40% more expensive than 2003 to 2006. 2018 will be an interesting year to watch. Will the Brentwood home buying trend and new home building continue?
Do you need expert advice about your home value or are you looking to buy a home in this excellent buyer’s market? Please let me know how I can help you.
Created by David Wright, Realtor® - CRS, SRS, CNE - Real Estate Refined, for Brentwood Home Trends.
Benchmark Realty LLC
318 Seaboard Lane, Suite 115
Franklin, TN 37067
615-500-4466 c. 615-371-1544 o.