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VOL. 45 | NO. 41 | Friday, October 8, 2021

Slowdown? Not in homes selling for $1M or more

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Almost everyone wants the residential real estate market to slow. Realtors cannot find homes for buyers, homeowners will not sell because they have no place to go and builders are building like mad but cannot get inspections in time for deadlines. All of which means the supply of homes is limited.

Some Realtors say the market is slower because they want it to be slower. It is not. At least that is not what the numbers say in the luxury, upper-end homes. Sales of $1 million and above are showing steady growth.

In the third quarter of 2021, the period ending just last week, 229 single-family homes sold for $1 million-plus, as did 20 condominiums. A grand total of 249 homes sold through the multiple listing service for more than $1 million.

During the third quarter last year, 184 total properties sold for $1 million or more with 176 being single-family homes and eight condominiums. Nope. Not slower. Escalating, in fact. Upper-end properties are selling at a considerably higher rate than last year.

In the third quarter last year, one house sold for $5 million or more, same as this year, while there were four sales of $4 million to $5 million in 2020 and only two this year.

However, in the $3 million-$4 million range, there were 17 sales this year compared to one in that range Q3 of 2020. 17 to 1. That’s a shellacking.

The $3 million price range has replaced the $1.85 to $2.25 million house, and that is mainly in new construction. Houses that were $2 million last year are selling for $3 million this year. For whatever reason, this price range has seen the highest climb.

Last year in the third quarter, 36 properties sold for $1 million-$2 million, while this year there were two more sales for 38. In the $1 million-$2 million range, there were 145 in the third quarter of 2020 compared to 191 in the same time period of 2021.

Condominiums are experiencing the greatest surge with 17 sales of $1 million-plus pending, most of those in the Manning, the new midrise on Woodmont Boulevard near Harding Road.

I will let you know when things slow.

Sale of the Week

Hill Circle is not in Hill Place, the neighborhood surrounding the mansion of H.G. Hill. Horace Greeley Hill is legendary in Nashville circles, and it is in his honor that the Hill Centers in Green Hills, Belle Meade and Brentwood carry his name.

6038 Hill Circle

Hill Place, the mansion, is in Hillwood, which borders West Meade, a subdivision across the street from Belle Meade. Hill Circle is neither Meade nor Wood, but homes there are bringing prices that are normally reserved for those prominent areas.

The house at 6038 Hill Circle is in the Hill Circle Homes subdivision, says listing agent Douglas Simpson of Benchmark Realty. A wise move on his part as neither Charlotte Park nor the Nations are weighing in at the $1.27 million mark.

With 3,795 square feet, the property sold for $335 per square foot, a hefty price, but a price well-deserved. Douglas notes the house is on one of Nashville’s highest peaks and is a hidden gem. Listing agent Simpson describes the home as “another stunning home from Stonehouse Construction” which built this residence of fiber cement and, of course, stone, lest they have to change their name.

With a steam shower in the primary bath and three other baths to go along with the four bedrooms, the house is loaded with opportunities with its 10-foot ceilings and wide plank oak hardwoods. The structure is equipped with a screened porch for nice weather and has a storm shelter ready for one of those pesky thunderstorms accompanied with high winds. High winds accompany thunderstorms more it seems.

“Accompany” is a strange word for the action these winds are taking. The thunderstorms did not invite the winds to join them. I think “stalking” or “crashing” would be better terms. They are not accompanying the storms. The storms may not have wanted company stealing their thunder.

It is within 6 miles of downtown, which translates to 30 minutes these days at certain times and 12 minutes at others. Being the soothsayer he is, Simpson warned the fence sitters with these words “Buy now before this private hilltop is discovered and watch your property values soar.”

Time will tell, but my money is on Simpson.

Adam Brooks, the wise sage from Village, represented the buyer, who joins Brooks and me in agreement with Simpson.

Richard Courtney is a licensed real estate broker with Fridrich and Clark Realty and can be reached at richard@richardcourtney.com.

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