June 15, 2016
by Bill Lewis
Rising prices are good news for anyone selling a home in Williamson County, where the median home price rose nearly 6 percent in the past year to a record $433,000. But there’s good news for those hoping to buy a home, too.
There were 782 homes on the market during the first week of June priced below $433,000. Of those, 147 were new or no more than one year old. In addition, there were 41 condominiums on the market for less than $433,000.
That number is growing as homebuilders including Regent Homes, The Jones Co., Goodall Homes and Pulte Homes begin new projects or expand existing neighborhoods.
“There are a lot of options,” said Jen Lucy, director of sales for The Jones Co.
Regent Homes is preparing to launch a new neighborhood, Petra Commons, in Spring Hill. The community will feature 40 townhomes expected to be priced from $200,000 to $250,000 and 38 single-family homes with prices ranging from $260,000 to $290,000. The development will also feature shopping and green space, said Regent President David McGowan.
Homes in that price range are especially appealing to members of the millennial generation who are starting families, he said.
“Millennials may want to go downtown for a while, but when they start having kids they come to the suburbs,” said McGowan.
Regent is beginning 12 new condominiums in Franklin’s Westhaven neighborhood. Prices range from $349,000 to $380,000. The company has previously built 48 condos in the community.
In Spring Hill, the company has begun sales in Shirebrook, a 98-townhome subdivision on Commonwealth Drive. Prices begin at $194,900. In Franklin’s Berry Farms master-planned community, Regent is offering 27 new condos priced from $239,000 to $280,000.
Construction is still underway, but 18 have already been sold. That indicates how strong demand is, said Derenda Sircy, Regent’s sales manager.
“As soon as something is framed (during the construction process), it gets sold,” she said.
Pulte has two communities in Williamson County, Amelia Park in Franklin and Brixworth in Thompson’s Station, with prices below the $433,000 level, said Valerie Dolenga, a spokeswoman for the company.