Housing Numbers for Smyrna

My pal Gunner asked me to provide an update on the housing numbers for Smyrna like I do for the LaVergne site. First - and I won't pull any punches - it's been a difficult year for real estate in Smyrna (heck, for all of Rutherford County, Middle Tennessee, and in the entire country). Difficult, painful, sobering, and necessary.

It's been necessary because for at least three years housing prices were growing out of control. To protect the confidentiality I owe my clients, I'll use my own home as an example. We bought our home for just under $170,000 in 2003. By 2006, it had gone up in value to $210,000 ... $40,000 in three years is really insane. I assure you it's not worth that amount now ... closer to the $175,000 or $180,000 mark that it would've been had the market not soared out of control during that three year period.

Meanwhile Smyrna's overall housing market HAS SLOWED in terms of the number of sales. Here's how we look...

Homes currently for sale in Smyrna: 348
Number of homes for sale priced at $150,000 or less: 116
Number of homes for sale prices at $150,001 or more: 232

Least Expensive:
Dellwood Drive (Zero Lot), 960 square feet, 2 bedroom, 2 bath, $76,500

Most Expensive:
Rock Springs Road (potential commercial), 2008 square feet, 3 bedrooms, 2 baths, 5 acres, $1,500,000

Homes Closed since January 1, 2009 in Smyrna: 216
Least Expensive since January 1, 2009: $8,500, condemned home on Church Street that had to be torn down (originally listed at $24,900)
Most Expensive: $740,000, Hidden Valley Farms, 5065 square feet, 4 bedrooms, 3 full, and 2 half baths (original list price $799,000)

Homes Closed from January 1, 2008 to July 9, 2008: 313.

You can see the market dropped (without officially crunching numbers) by about 1/3 in the number of homes sold.

As I said on the LaVergne blog, it’s a great time to buy. However if you don’t have to sell I’d say hold tight, though it may be years before we get back to the prices we had in 2006 and 2007.

Finally, remember if you're a first time home buyer (defined as not having owned a home in the last three years), you may be eligible for the $8000 first time buyer tax credit. In addition, all of Rutherford County is now eligible for the 100% loans through FHA. Talk to any local lender and they can give you more details.

Note: Home pictured is located at 10007 Langford Court in the Potts Crossing subdivision is listed at $198.700. It will be open next weekend for open house from 2:00 - 4:00 p.m., hosted by Celia Clifton. In addition, the home across the street at 10008 Langford Court will also be open, hosted by SQ Willis.