29
May

May 29, 2017

The Tennessean
by Bill Lewis

When Realtor Edwin Caldwell listed the home at 4009 Pendleton Drive in Spring Hill on the MLS, he expected it to sell quickly. But what happened next proved just how hot the Williamson County real estate market is.

“We listed it May 16 and it was under contract by 7:30 p.m. the same day with a cash offer” for the full list price of $339,900, said Caldwell, a Realtor with Weichert Realtors, The Andrews Group.

“I have a full-price backup offer as well,” he said. If the original offer falls through for any reason, the next person in line will become the new owner.

Homes are selling fast everywhere in Williamson County, where the countywide median price of a home was $451,100 in April. The typical house sells in just 49 days. At this time last year, homes were on the market for an average of 67 days, according to the Williamson County Association of Realtors.

The pace of sales is even faster in Spring Hill, where the average home is snapped up in just 24 days. One reason is price, said Caldwell. Only Fairview has lower prices. The median cost of a home in Fairview was $266,478 in April. In Spring Hill it was $316,500, according to the WCAR.

The next-lowest price was in nearby Thompson’s Station, where the median cost of a home was $408,000.

Its location on the fast-growing I-65 corridor and comparatively low prices are making Spring Hill a destination for home buyers, said David McGowan, president of Regent Homes.

“It’s probably one of the hottest markets there is right now because of the affordability. You can buy in the $300,000s, and there’s nothing like that in the Franklin market right now,” he said.

In fact, a short drive south on I-65 or Highway 31 can save thousands on the cost of a home. The median price in Franklin in April was $474, 418, which was $157,918 more than the price in Spring Hill.

Regent is launching its new Petra Commons neighborhood on Commonwealth Drive in Spring Hill. The subdivision’s roads are being paved and construction of homes should begin in June. The community will have 15,000 square feet of commercial space as well as 39 townhomes and 40 single-family homes. Prices range from the mid-$200,000s to the high $300,000s.

Regent is also offering 79 townhomes in the Shirebrook development, located in Spring Hill’s town center near City Hall.

The pace of sales in Shirebrook is “unbelievable. We’re writing anywhere from six to eight contracts per month,” said McGowan.

He described Shirebrook as workforce housing with prices ranging from the low to high $200,000s.

Another home builder active in Spring Hill, Lennar Homes, is seeing a fast pace of sales the Abbington Downs subdivision at 101 Keenland Drive in Spring Hill. Prices range from the mid-$200,000s to the low $300,000s.

“That community really exploded for us. I believe that Spring Hill is a hot, up-and-coming area,” said Christina James, Lennar’s director of sales.

One important factor is “location, location, location,” said James. Spring Hill is “located near I-65 with close proximity to Franklin for work or even weekend activities like the farmers’ market.” The city also offers easy commutes to Nashville.

For home buyers, Spring Hill is a value market where you get “more bang for your buck. You get more house for your money and the cost of living is more affordable in Spring Hill compared to other Nashville areas,” said James.

Home buyers are also attracted to the small town ambiance but with the benefits of local shopping and weekend events nearby in Franklin, such as the Main Street Festival and Pilgrimage Festival, she said.

The tight supply of homes for sale is another reason houses are selling quickly in Spring Hill, said Caldwell.

“Low inventory is the driver. If you have a good home, you’re going to sell it,” he said.

For buyers, finding a home is more of a challenge.

“Buyers are easily discouraged in this fast-moving market,” said Caldwell. “They need an agent who is willing to work tirelessly, in this low-inventory market, to find their home.”

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