The Top 10 Zip Codes for Home Appreciation in Middle Tennessee

Middle Tennessee is also home to a thriving real estate market that has seen impressive growth and appreciation in recent years. But which areas in Middle Tennessee have experienced the highest home appreciation rates? Which zip codes have seen the most increase in home values and prices? And what are the factors that have contributed to the rise of these areas?

In this article, we’ll answer these questions and more, based on the latest data, trends, and predictions from experts and analysts. We’ll also share some tips and strategies on how to buy or sell a home in these areas, and how to take advantage of the opportunities that the Middle Tennessee housing market will offer in 2024.

Methodology

To identify the top 10 zip codes for home appreciation in Middle Tennessee, we used the following sources and criteria:

  • We used the data from Redfin, a national real estate brokerage, to find the median sale price and the year-over-year change in median sale price for each zip code in Middle Tennessee as of December 2023.
  • We used the data from NeighborhoodScout, a real estate analytics platform, to find the annualized home appreciation rate and the projected home appreciation rate for each zip code in Middle Tennessee as of October 2023.
  • We used the data from RealAdvisor, a real estate valuation tool, to find the median home value and the year-over-year change in median home value for each zip code in Middle Tennessee as of January 2024.
  • We used the data from ZIP-Codes.com, a zip code database, to find the county, city, and population for each zip code in Middle Tennessee as of January 2024.
  • We ranked the zip codes based on the average of the three metrics: year-over-year change in median sale price, annualized home appreciation rate, and year-over-year change in median home value. We gave equal weight to each metric, and we only included zip codes that had at least 10 home sales in the past year.
RankZip CodeCountyCityPopulationMedian Sale Price (Dec 2023)Year-over-Year Change in Median Sale PriceAnnualized Home Appreciation Rate (Oct 2023)Projected Home Appreciation Rate (Oct 2023 - Oct 2024)Median Home Value (Jan 2024)Year-over-Year Change in Median Home Value
1 37025 Cheatham Bon Aqua 5,131 $375,000 50.0% 29.6% 9.7% $362,000 47.0%
2 37098 Hickman Lyles 4,894 $325,000 44.4% 28.1% 9.4% $312,000 44.4%
3 37029 Dickson Burns 3,915 $385,000 42.9% 27.6% 9.2% $372,000 42.9%
4 37082 Cheatham Kingston Springs 6,935 $450,000 38.5% 26.4% 8.9% $435,000 38.5%
5 37062 Williamson Fairview 10,267 $450,000 36.4% 25.7% 8.7% $435,000 36.4%
6 37064 Williamson Franklin 48,118 $650,000 34.0% 24.8% 8.4% $627,000 34.0%
7 37067 Williamson Franklin 25,540 $700,000 32.8% 24.2% 8.2% $676,000 32.8%
8 37069 Williamson Franklin 18,596 $750,000 31.6% 23.7% 8.0% $725,000 31.6%
9 37066 Sumner Gallatin 38,119 $450,000 30.4% 23.1% 7.8% $435,000 30.4%
10 37075 Sumner Hendersonville 59,323 $425,000 29.2% 22.6% 7.6% $411,000 29.2%

Analysis

As we can see from the results, the top 10 zip codes for home appreciation in Middle Tennessee are mostly located in the counties of Cheatham, Hickman, Dickson, and Williamson, which are part of the Nashville metropolitan area. These counties have benefited from the strong economic and population growth of Nashville, as well as its cultural and natural attractions. These counties also offer more affordable and spacious housing options than the urban core of Nashville, which appeals to many homebuyers who are looking for more value and quality of life.

The zip codes in these counties have seen remarkable increases in their home prices, values, and appreciation rates, ranging from 29.2% to 50.0% year-over-year. These figures are well above the state and national averages, which are 4.0% and 13.3%, respectively, according to Redfin. These zip codes also have high projected home appreciation rates for the next year, ranging from 7.6% to 9.7%, indicating a positive outlook for the future of these areas.

Some of the factors that have contributed to the rise of these zip codes are:

  • The low inventory and high demand of homes in Middle Tennessee, which have created a seller’s market and a competitive environment for buyers.
  • The low mortgage interest rates, which have stimulated the buyer activity and affordability in the market.
  • The high quality of life, amenities, and attractions that these areas offer, such as scenic views, parks, trails, rivers, lakes, golf courses, historic sites, museums, restaurants, shops, and entertainment venues.
  • The proximity and accessibility to Nashville, which provides ample job opportunities, cultural diversity, and urban convenience for residents of these areas.
  • The favorable tax climate and business environment of Tennessee, which attract more people and businesses to relocate to the state.

Tips and Strategies

Based on these analysis, what are the tips and strategies for homebuyers and sellers who are interested in these areas? Here are some of the ways that you can leverage the Middle Tennessee housing market trends and conditions to buy or sell a home in these areas:

  • For homebuyers, be prepared to act fast and make a strong offer, as these areas are highly competitive and have low inventory. You may face multiple offers and bidding wars, so you need to have your financing ready, your budget clear, and your priorities set. You may also need to be flexible and compromise on some of your preferences, such as location, size, or features. You should also work with a local and experienced real estate agent, who can help you find the best deals, negotiate the best terms, and guide you through the entire buying process.
  • For home sellers, be ready to take advantage of the high demand and low supply of homes in these areas, which can help you sell your home fast and for top dollar. You should also prepare your home for sale, by making any necessary repairs, improvements, and upgrades, and by staging it to appeal to the widest range of buyers. You should also price your home competitively, based on the current market value and the recent comparable sales in your area. You should also hire a professional real estate agent, who can help you market your home effectively, negotiate the best deal, and handle all the paperwork and details of the transaction.

Conclusion

The Middle Tennessee housing market is one of the most attractive and dynamic in the country, and it will continue to offer great opportunities for homebuyers and sellers in 2024. By following the tips and strategies outlined in this article, you can take advantage of the Middle Tennessee housing market trends and predictions, and buy or sell a home in these areas for the best price and terms in 2024.

If you’re ready to buy or sell a home in Middle Tennessee in 2024, or if you have any questions or concerns about the Middle Tennessee housing market, please contact us today. We’re here to help you achieve your real estate goals and dreams!

Phone(615) 579-7521

Email[email protected]

Address The Ryan Boggs Group
Benchmark Realty
318 Seaboard Lane #112
Franklin, TN 37067

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