East Nashville 2006 Real Estate Trends

East Nashville had a good year in 2006. To begin 2007, I did quite a bit of research comparing neighborhoods using RealTracs multiple listing service historical data. East Nashville’s average price-per-square-foot increased by 16.45%! This is great news for those in East Nashville as a whole, but let's take a closer look to see how some of the individual neighborhoods fared.

Those who are familiar with East Nashville know that there are many distinct neighborhoods within this area of town. Most popular are the historical areas such as Lockeland Springs, Historic Edgefield, and Eastwood Neighbors where Victorian and Craftsman homes from the early 1900’s are the norm. Some home buyers lean more toward the quieter Rosebank or Fortland Park neighborhoods full of brick ranch homes from the 50’s and 60’s nearer the river. All enjoy a growing number of local businesses and highly rated restaurants mixed with the convenience of living close to downtown.

In the graph I noted the average sales prices, but more importantly, the average prices-per-square-foot, the standard figure used by Realtors in estimating home values. Take a look at the graph to see some of my findings.

Some other notes:
- Riverwood/Haysboro area homes sold 40% faster
in 2006, tying with Lockeland Springs for the least avg. days on the market at 42.
- Selling after an avg. of 63 days on the market, homes in Historic
Edgefield took 40% longer to sell in 2006.

I knew East Nashville was doing well, but some of these numbers surprised me. Of course, Eastwood Neighbors was the big winner at a 37.68% increase! At first I thought this was a mistake, so I did the research again. It’s correct. As evidence, in 2005, Eastwood Neighbors had no homes sell for more than $145/sq.ft. However, in 2006 there were twenty-two that sold at over $145/sq.ft with two them over $184/sq.ft.

So, What’s YOUR home worth?
The above averages and statistics are helpful in analyzing neighborhood trends, but when it comes to valuing your house we have to dig a lot deeper. Many factors affect the price that your home will sell for: size, age, condition, amenities, room layout and, of course, location. If you’re wondering what your home is worth, please call or email me for a free consultation. I’m happy to take a look at your home and get you a report of comparable homes with an estimate of what it might sell for based on recent sales and inventory. You may also request a FREE HOME VALUATION.

Interested in other Nashville neighborhoods? Click here for my article on the broader Nashville market.

-Peter

www.NashvilleCityHomes.com
REALTOR. City Home Specialist.