Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Tennessee > Nashville
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 02-09-2021, 01:42 PM
 
2 posts, read 961 times
Reputation: 10

Advertisements

We've lived in South Nashville since 2015 but have been eyeing the newbuild market in Williamson County for the last few years due to our toddler and the school system. Specifically in Nolensville because Brentwood and Franklin are out of reach for family-sized new builds.

The year-over-year price increases make sense considering how "desirable" our metro area has gotten. I'm also aware of the COVID lumber shortage that has justified additional increases. The housing development we were very interested in, Scales Farmstead, has increased base prices by $100k in the last year.

Is this happening all around the Nashville area due to lumber pricing? If so, any projections on if newbuild prices will come down once supply and demand even out? The lots seem to be selling at these prices so it very well may be the new norm for pricing.
Reply With Quote Quick reply to this message

 
Old 02-09-2021, 03:15 PM
 
367 posts, read 579,813 times
Reputation: 788
Lumber should come down once suppliers have time to catch up. The shutdown really hurt the lumber supply, because the mills closed but building construction didn't really stop anywhere because it was deemed essential. So, demand increased raising prices considerably. Unless there is a recession coming soon, I don't see it coming down untill next winter.
Reply With Quote Quick reply to this message
 
Old 02-09-2021, 03:59 PM
 
206 posts, read 181,747 times
Reputation: 147
I would be interested to know what way prices will head?
Reply With Quote Quick reply to this message
 
Old 02-09-2021, 04:25 PM
 
2 posts, read 961 times
Reputation: 10
Quote:
Originally Posted by Canadian2021 View Post
I would be interested to know what way prices will head?
Exactly. I'm sure there are many others in the area interested in "buy now or later" due to the uncertainty. I just can't imagine prices going lower once material costs level out if these lots are selling at current prices. Year after year I kick myself for not building as the costs continue to rise. I think this logic extends to pre-owned homes as well.
Reply With Quote Quick reply to this message
 
Old 02-09-2021, 07:53 PM
 
1,398 posts, read 2,488,717 times
Reputation: 2305
Materials are one component of the cost. The other (you noted) is that Nashville is on the beginning of an upward trajectory in its boom phase. Then there's the interest rates. That's fueling a boomlet in many places that aren't even boomtowns. Interest rates are about to shoot up. One of the things you can do after that is to pay down points (to a point ha-ha).

Regarding the pre-owned houses prices, that's more a function of location and comps. If new homes are being built in a particular area (even in established areas like Oak Hill, Forest Hills, and Belle Meade), those values will "comp" to the existing houses. Of course, there are deductions for old kitchens bathrooms landscaping etc., but still that sets the bar. But in a place like Belle Meade, the y-o-y increases will always exceed everywhere else.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Tennessee > Nashville

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top