with the Williamson County Association of Realtors
Happy New Year! Right now, Williamson County is a trendsetter in the national market, and everyone is itching to know how things will pan out in 2022. While it is impossible to fully predict how the next year will go, we can certainly draw some conclusions from the insight we have gained in 2021.
We are outperforming the national market considerably, and one of the driving forces is our inventory level. From January 2021 to December 2021, the average days on the market for homes in Williamson County decreased by 56 percent, which means we are at less than half a month’s supply of inventory in our entire region. Another factor that we consistently measure to evaluate the real estate market is the median sales price.
Williamson County is once again outperforming the national averages. Over the course of 2021, the median sales price in Williamson County increased by 32.7 percent, almost tripling the national average. While the market can be unpredictable, we are seeing a few outside factors that are feeding our projections for 2022. One factor we are noting is the federal government has just announced an interest rate increase on second home purchases. These are homes that people have as a secondary residence, a situation that is not uncommon in Williamson County.
The federal government also announced interest rate increases that will affect primary home purchases throughout the year. So, what does that do to your buying power? According to WCAR 2022 Board President Misty Woodford, “A percentage increase in the interest rate affects your monthly payment…people don’t shop a sales price, they shop a monthly payment, so when your interest rate increases, that will affect your buying power and your ability to enter the market or to upgrade in the market.”
Another factor that we are keeping a close eye on in 2022 is the increase in jobs and the steady flow of new residents moving to Williamson County. As Williamson County maintains its appeal and desirability, it will continue to attract new residents to the area. Additionally, in the aftermath of the pandemic in 2020, we have seen an increase in self-employment and remote workplace options nationally.
People have the freedom to choose where they live, and Williamson County is at the top of the list. These factors, plus the stability of the economy in our area, makes Williamson County a pretty secure area to live. Even if there is a national downturn with the trends we have seen, it would most likely not have an overwhelming effect in this area.
All in all, for the time being, your investment in Williamson County is safe, and we expect the numbers to continue to affirm that reality in 2022.
Established in 1962, WCAR’s vision is to serve REALTORS® and enhance the communities in which we interact and engage. WCAR is located in Brentwood, TN and currently has over 2500 members.
