Where to Live in Nashville: Germantown

Germantown is a neighborhood of Nashville located just north of downtown.  Founded as the city’s first suburb in the mid-nineteenth century, the eighteen-square block area is bounded by Jefferson Street on the south, Hume Street on the north, Rosa Parks Boulevard on the west and 3rd Avenue N on the east.

Where to Live in Nashville: Germantown

Germantown is located next to the Bicentennial Mall Park and the Nashville Farmers Market, providing an exquisite view of the state capitol. Photo Credit: Josh Reeder for HistoricGermantown.org

Placed on the National Register of Historic Places in 1979, Germantown contains a diversity of architecture including buildings erected between 1830 and the present. With a significant concentration of Victorian buildings in the area restored, the neighborhood has an old-world charm. The community takes great pride in the area and features a forum on its website for members’ use.

The center of Germantown is home to several beloved restaurants and hosts the annual Germantown festival and Oktoberfest. Favorite restaurants in the area include Germantown Cafe, Monell’s, Mad Platter, The Cupcake Collection, Silo, and renowned City House.

With a walkability index score of 80, Germantown is considered “very walkable” from WalkScore.com.

Where to Live in Nashville: Germantown

Germantown also offers another means of transportation through B-Cycle, Nashville’s bike share program. Photo Credit: Josh Reeder for HistoricGermantown.org

Home styles in Germantown run the gamut and include historic single family homes, new construction homes, as well as condos, lofts, and townhomes. Click here to search for your place to call home in Germantown.

Where to Live in Nashville: Germantown

Historic tree lined streets in Germantown. Photo Credit: Josh Reeder for HistoricGermantown.org

Nashville real estate – so hot right now

Nashville, our great city, seems to have gone viral. The bright lights of Music City appear on TV screens (in the form of the popular TV show) and have also recently filled the pages of national news publications. The New York Times called us “the nation’s ‘it’ city.” CNN, The New York Post, and Forbes have all covered the rise of Nashville.

Couple this excellent visibility with Nashville’s positive economic climate and you find a Nashville real estate market that is so hot right now. Inventory continues to drop and the number of sales continue to increase, resulting in price increases. In fact, the number of home sales have increased for 24 consecutive months now!

dowtown-nashville-skyline

Here Today, Gone Tomorrow

The number of days homes are on the market has decreased to just 70, the lowest time on the market since October 2007.

How Low Can it Go?

Inventory is very low, with only about a 5-month supply overall and slightly less than a 4-month supply for single family homes.

Median Prices through Mid-2013

Nashville real estate - Median Sales Price through Mid-2013

In addition, home construction shows no signs of slowing and more renters are recognizing the benefits of homeownership.

If we can help manage the sale or purchase of your home in Middle Tennessee, contact us at 615-463-3333 or stop by our office at 2002 Richard Jones Road, Suite C-104; Nashville 37215.

* Figures from Greater Nashville Association of REALTORS® July report.

Larry Lipman featured in The Tennessean

Lawrence Lipman, The Lipman Group Sotheby's International Realty

Lawrence Lipman, The Lipman Group Sotheby’s International Realty

We were thrilled to have our very own Larry Lipman included in a feature article on the front page of the Real Estate section in The Tennessean this past Sunday. Larry has been a realtor and broker in Nashville for 24 years and is unsurpassed in the service he offers his clients.

In the current Nashville real estate market, homes are selling quickly and there is much more to consider than just a home, especially if you are relocating to Nashville. Larry and all of our agents at The Lipman Group Sotheby’s International Realty continue to educate themselves on everything from what is happening in different areas of Nashville, schools, quality contractors, and who might be willing to sell, but hasn’t listed yet. Clients need to be educated on more than just what a particular house has to offer.

Inventory continues to be low and there is an abundance of people moving up, downsizing and relocating to Nashville. It can be difficult to find the perfect home so it is imperative agents stay abreast of what is happening in the market to help their clients make an informed, speedy decision when they find a home and neighborhood they like. According to Larry, “If you wait too long, it won’t be there.” We have certainly seen this happen so we want to stay on top of things and offer clients everything we can.

To read the full article and hear directly from our customers (and new to Nashville homeowners!), click here to visit TheTennessean.com.

Nashville named one of the Best Cities to Retire

Nashville Skyline. Photo Credit: Nashville Visitors Bureau

Photo Credit: Nashville Visitors Bureau

After taking a look at 50 metro areas across the nation, NerdWallet.com recently named the top 10 cities for retirement. Retirees want to live in a city where their money stretches far, but they can retain a high quality of life.  NerdWallet examined factors that are important to seniors, including affordability of housing and medical care, social life, weather and walkability.

Nashville came in at #10 on the list and they found the following:

Nashville, TN

Nashville is very affordable, with a high percentage of seniors in the population.  Country music lovers will feel welcome in this city, with its Country Music Hall of Fame and regular concerts from top performers, and seniors can take classes at nearby Vanderbilt University as well.

City Overall cost of living index Annual cost of in-home homemaker services Cost of a doctor’s visit Percentage of population over 65 Average annual temperature (°F) Walkability Score Overall score for retirees
Nashville, TN 87.7 $38,896 $79 10.2% 58.9 36 54.6

 

Trying to convince a loved one to settle down here in Nashville? Other sources have also deemed it a great place to retire – just click here to read previous features on our blog!

Is There a Window of Opportunity for Nashville Sellers Right Now?

window-of-opportunity-nashville-real-estateOne of the most interesting revelations of the latest National Association of Realtors® (NAR) Existing Home Sales Report is the shortage of housing inventory being reported throughout much of the country. At the same time, buyer demand is dramatically up over last year.  Here are some key points:

  • Total housing inventory at the end of January fell 4.9 percent to 1.74 million existing homes available for sale, which represents a 4.2-month supply at the current sales pace.
  • This represents the lowest housing supply since April 2005 when it was also 4.2 months.
  • Listed inventory is 25.3 percent below a year ago when there was a 6.2-month supply.
  • Raw unsold inventory is at the lowest level since December 1999 when there were 1.71 million homes on the market.

What Does This Mean if You Are Selling a Home?

The price of anything is determined by supply and demand. According to NAR’s report, inventory is at its lowest level since the real estate boom eight years ago. At the same time, demand is up. Lawrence Yun, NAR chief economist, reveals:

“Buyer traffic is continuing to pick up, while seller traffic is holding steady. In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We’ve transitioned into a seller’s market in much of the country.”

In our most recent sales meeting at The Lipman Group Sotheby’s International Realty, we had many agents express a need for more inventory in Nashville. Some are working with particular buyers who have seen all that is available on the market, others are working with sellers who need to purchase a new home in a move-up situation.

Does that mean you should sell your house now? Take a look at the current inventory levels in Nashville compared to last year:

2012 2013
INVENTORY 17,949 15,478
Residential 10,971 9,342
Condominium 1,526 1,153
Multi-Family 319 207
Farm/Land/Lots 5,133 4,776

If we can help manage the sale or purchase of your home, contact us at 615-463-3333 or stop by our office at 2002 Richard Jones Road, Suite C-104; Nashville 37215.

Source: KCM Blog, National Association of Realtors® and Greater Nashville Association of Realtors®

Nashville’s Wealthiest Zip Codes in 2012

The Nashville Business Journal recently featured a list of the five wealthiest zip codes in Greater Nashville, ranked by the percent of households earning $200,000 plus. Check out what we found below when we took a closer look at each zip code and the real estate trends within them.

We pulled the average listing price, average sales prices and the average days on market for homes sold in these Nashville zip codes over the previous year.

Nashville_richest_ZIPcodes_slideMain

Most Affluent Zip Codes in Nashville during 2012

1. 37027

2012 rank: 1
2011 rank: 1

This Brentwood ZIP Code had, in 2011, 19.8 percent of households earning $200,000 plus.  The median household income was $106,667.

Average List Price Average Sales Price Average Days on Market
$1,519,442 $1,417,070 99
The most expensive home currently for sale in Brentwood's 37027: 6 Pickney Drive. Click on the image for more photos and information.

The most expensive home currently for sale in Brentwood’s 37027: 6 Pickney Drive. Click on the image for more photos and information.

2. 37215

2012 rank: 2
2011 rank: 2

This Nashville ZIP Code had, in 2011, 17.7 percent of households earning $200,000 plus.  The median household income was $72,623.

Average List Price Average Sales Price Average Days on Market
$1,487,244 $1,338,355 100
The most expensive home currently for sale in Nashville's 37215 is a Belle Meade estate at 1311 Chickering Road. Click on the image for more photos and information.

The most expensive home currently for sale in Nashville’s 37215 is a Belle Meade estate at 1311 Chickering Road. Click on the image for more photos and information.

3. 37205

2012 rank: 3
2011 rank: 3

This Nashville ZIP Code had, in 2011, 14.1 percent of households earning $200,000 plus.  The median household income was $71,881.

Average List Price Average Sales Price Average Days on Market
$1,747,872 $1,596,218 108
The most expensive home currently for sale in Nashville's 37205 is another home in Belle Meade: 1358 Page Road. You may also recognize this home from ABC's Nashville! Click on the image for more photos and information.

The most expensive home currently for sale in Nashville’s 37205 is another home in Belle Meade: 1358 Page Road. You may also recognize this home from ABC’s Nashville! Click on the image for more photos and information.

4. 37220

2012 rank: 4
2011 rank: 4

This Nashville ZIP Code had, in 2011, 13.1 percent of households earning $200,000 plus.  The median household income was $78,269.

Average List Price Average Sales Price Average Days on Market
$2,349,500 $2,100,000 91
The most expensive home currently for sale in Nashville's 37220 is is this Oak Hill estate inspired by Frank Lloyd Wright at 5011 Tyne Ridge Court. Click on the image for more photos and information.

The most expensive home currently for sale in Nashville’s 37220 is is this Oak Hill estate inspired by Frank Lloyd Wright at 5011 Tyne Ridge Court. Click on the image for more photos and information.

5. 37069

2012 rank: 5
2011 rank: 5

This Franklin ZIP Code had, in 2011, 12.6 percent of households earning $200,000 plus.  The median household income was $102,005.

Average List Price Average Sales Price Average Days on Market
$1,754,331 $1,613,635 116
The most expensive home for sale in the Franklin zip code of 37067 is this estate situated on 48 acres with lavish amenities: 2467 Hidden River Lane. Click on the image for more photos and information.

The most expensive home for sale in the Franklin zip code of 37067 is this estate situated on 48 acres with lavish amenities: 2467 Hidden River Lane. Click on the image for more photos and information.