Grassland Weekly Watch: 9/15/2020

September 16, 2020

This picture looks like a scene out of a movie. But it was taken right in the heart of Grassland, on the corner of Moran Road and Old Natchez Trace.

This, my friends, is Grassland’s highest-priced property for sale right now.(Click here for more pics and details.)

It’s a conservation property — basically an equestrian resort — with potential to build a main home on more than 92 acres. So many of us pass this every day on our way to school with the kiddos. 1500 Moran Road is even more picturesque in person, and helps paint the bigger picture of Real Estate in our Grassland market.

What our Market Looks Like

There are 45 homes in Grassland on the market right now (including the one above)– half of them listed at more than a million dollars.

Last month, 61 homes closed. So by that standard, we’ve got about 3 weeks of inventory, meaning a typical home in our area won’t stay on the market longer than 3 weeks.

Our homes are selling high, and they’re selling fast. And this trend is fueled largely by low interest rates and the pipeline of people escaping places like Chicago, New York and California.

Zillow just released a study saying nearly 2 million renters in high-cost areas may have the opportunity to move from those areas, thanks to remote working, and become first-time homeowners elsewhere across the country now. It’s no secret a lot of them are coming here.

“If remote work becomes a bona fide long-term option especially with the pandemic, that could reshape the U.S. housing market by opening up homeownership to people [previously] renting in expensive parts of the country,” according to Zillow Economist Jeff Tucker.

Nationwide, the Mortgage Bankers Association reports purchase applications are up 3% for the week and up 40% from a year ago, the 16th straight week of annual gains, while Q2’s $1.1 trillion in mortgage volume set a new record.

Zillow reports of the nearly 2 million renter households that could unlock homeownership opportunities through remote work, nearly half of them are millennials.

Grassland Facts

Sure, the 95 acres of horse farm here is picturesque and dreamy. But our more common home prices hover between the $550,000 – $650,000 price bracket. In August 2020, our median sales price in Grassland was $610,500 with a 100% list-to-sales price ratio. This means homes are getting full asking price.

As for the $610,500 number, here’s what you can expect in Grassland for that price:

This home, sold on August 3, sits on more than 4.5 sloped acres and features one-level living. It’s an older home, built in 2002, but looks like it’s been well-kept and updated through the years. It only lasted hours on the market before going under contract, and fetched almost $10,000 more than list price.

You Get the Picture

A weekly snapshot into our market can show you so much. And what we’re seeing here is the market is still moving.

In Fannie Mae’s August Home Purchase Sentiment Index, almost half [of the people] polled say now is a good time to sell a home, and well over half feel it’s a good time to buy. Good news for homeowners who need to do both.

Franklin Lender Joseph Porter says, “The worst economic quarter since World War II is behind us and economists expect growth will continue this year and beyond, though we still have a long way to go to get back to the economy we had at the start of the year.”

All solid signs of a healthy housing market with a great deal of picture-perfect optimism here in Grassland.

If you’re thinking of selling or buying a home, I’m happy to help you and give you honest advice. I’m a Grassland area resident and I’m a Platinum Award-winning Williamson County REALTOR® ranking in the top 2%. My business partner and I have been featured on TV and our success is the topic of an article in the July 2020 edition of Nashville Real Producers magazine. But most importantly, I specialize in helping my friends and neighbors buy and sell homes!