Nolensville, Tennessee is no stranger to growth and development. Over the past decade, we’ve seen a shift in the local real estate market. What was once farmland and rural countryside is now home to luxury communities and high-end homes. This trend is in part due to higher-quality developers and builders taking an interest in the area but also due to the recent surge in pricing, particularly in the wake of 2020. With an influx of buyers from California and other states, demand for luxury real estate in Nolensville has soared, making it an increasingly attractive destination for those seeking a casual Tennessee lifestyle seasoned with a hint of country charm.
With this surge in demand for luxury homes in Nolensville, we’ve seen emerging trends shaping the local real estate market. In this blog post, we’ll look closely at five key trends impacting luxury real estate in Nolensville in 2023.
Trend One: Increasing Demand and Higher Prices
Recent sales data reveals a clear trend in pricing and buyer behavior in Nolensville’s luxury real estate market. Comparing the first quarter of 2023 to the same period in 2019, the median sales price has increased by 51% to $822,495, with the average sales price following suit at $933,720, up 65% from $564,299. It’s also worth noting that the average days on the market have decreased from 46 to 38, indicating increasing demand for luxury properties in the area.
These numbers suggest that Nolensville’s luxury real estate market is thriving and experiencing a significant shift towards higher-end homes. While expensive compared to Nolensville’s recent affordable past, Nolensville is still affordable compared to comparable suburban areas, including others in Williamson County, such as Brentwood and Franklin.
Trend Two: Growing Population and Demographics
Data collected by Realtors Property Resource®, LLC for the National Association of Realtors shows that Nolensville is experiencing significant growth in population and demographics. The population change since 2010 is +128.1%, and the median age of residents in Nolensville is 35, all of which point to a growing community.
With the recent zoning changes passed by the Town of Nolensville, all bets are on continued growth in the area. The zoning changes make it easier for developers to work with the town, which will likely attract higher-quality developers and more buyers seeking luxury real estate.
Trend Three: Luxury Real Estate Features in Demand in Nolensville
Luxury real estate in Nolensville is not just characterized by size and the number of bedrooms. There are plenty of larger homes in town that simply will not sell for luxury prices. Instead, trends point to neighborhood desirability and design choices as important factors for sellers wanting to land a seven-figure sale. Here are some of the top luxury home features that are in high demand among homebuyers in Nolensville:
- White Cabinetry: While this trend has been around for a while and perhaps even falling out of favor in urban markets, it’s still a popular choice among Nolensville homebuyers in 2023, especially those coming from out-of-state wanting a blend of modern farmhouse and California coastal styles, which often includes white kitchens and warm neutrals.
- Floor Plan: Luxury homes that sell quickly in Nolensville often feature a primary bedroom suite on the first floor, a first-floor guest suite, and a separate office.
- Custom: New construction makes up most luxury real estate sales in Nolensville. During the peak of the market, builders had buyers knocking down their doors to buy and thus were not allowing buyers to make design selections. With the market softening, this is once again an option, allowing buyers to tap into the most desired feature of luxury buyers: customization. Luxury buyers want what they want. They want spaces and designs that suit their unique lifestyles.
- Eat-In Counters and Extra Kitchens: Breakfast bars have fallen out of favor in the kitchen in lieu of eat-in counters, which provide a more casual dining experience and are perfect for entertaining guests. And that mess that was once hidden behind a breakfast bar? It now stays in the second kitchen. Mega luxury homes often have full secondary kitchens, while homes in the $1,500,000-$2,000,000 range will feature some sort of secondary kitchen space, like a wet bar or prep area.
Trend Four: High-End Neighborhoods
When selling a luxury home, the neighborhood also plays a vital role. There are several neighborhoods in Nolensville capable of fetching luxury prices, such as Dylan Woods, Sunset Park, Kingsbarns, Benington, Farm at Clovercroft, Annecy, Catalina, Enclave at Dove Lake, Eulas Glen, Scales Farmstead, Telfair, Arrington Retreat, Asher Downs, Brittain Downs, Brooksbank Estates, Gilchrist South, Summerlyn, and The Woods at Burberry Glenn.
It’s worth noting that these neighborhoods are primarily located on the outskirts of town, with many in the Sunset area near the Brentwood border. Several are also located near the Williamson County School campus, which is attractive to buyers with children.
As Nolensville continues to grow and attract new residents, the luxury home market is poised for success, with a variety of high-end neighborhoods in place and more coming soon. If you want help navigating the process, contact us. We would love to help you learn everything there is to know about Nolensville.