John Brittle, Director of Infill for Village Real Estate, explains why home prices in Green Hills are once again reaching their peak. He says that, "Existing homes that are priced right are selling on the first day. There are bidding wars going on”. Much of this is because of the central location of Green Hills. Green Hills is close to universities, shopping, hospitals, schools, and restaurants – who wouldn’t want to live there!
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Realtor John Brittle is disappointed that someone stole his yard signs — the ones that said “Not Reduced” and “Prices raised, wait around a little longer and you’ll see them go up again” — because he needs them now more than ever.
“We’re back to peak levels. Existing homes that are priced right are selling on the first day. There are bidding wars going on,” said Brittle, director of Village Real Estate Services’ Infill Nashville division.
“One thing we’re dealing with on a daily basis is multiple offers,” said Parks Properties Broker Rusty Moore. “If that’s not a sign of the market returning, I don’t know what is.”
It sounds like a cliché, but Green Hills really does have the three most important attributes that home buyers look for: location, location, location, he said.
The neighborhood, which is divided north and south by Hillsboro Road, is bordered by several other highly desirable neighborhoods, including Belle Meade, Oak Hill and Hillsboro Village. Home to the city’s toniest shopping at The Mall at Green Hills, Hill Center and surrounding retailers, the neighborhood is only minutes from downtown’s offices and entertainment.
“It’s about time,” Brittle said. “Convenience and the value of time.”
Rush-hour traffic on Hillsboro Road can be frustrating, Moore said, but that proves how desirable the neighborhood is.
“Traffic is a problem, but that wouldn’t be the case if people didn’t want to be here,” he said.
There’s another reason the neighborhood is so popular. Buying a home there is a good investment. The 22,000 residents in Green Hills and the surrounding 37215 ZIP code have a median household income of just over $86,000, according to research by Parks Properties. The median home price in Green Hills is $382,500. More than 67 percent of Green Hills homes are owner-occupied, while about 22 percent are rented.
Most of the homes bought and sold in Green Hills are pre-existing, but new houses often are selling before they are finished. In fact, some new homes are selling as soon as buyers hear about them, before construction even begins, said home builder Ethan Colclasure.
“Half pre-sold before we even started construction, ” he said.
The homes on Glen Echo are in the 2,400-square-foot range, a size that appeals to younger buyers who do not have children. For couples with children, homes at 3,000 to 3,600 square feet are popular, Colclasure said.
New homes are built on rare vacant lots or on lots where smaller homes have been torn down. To create opportunities for home building and to make lot prices affordable in Green Hills, a provision of Nashville’s zoning code called the Horizontal Property Regime allows construction of two single-family homes on what had been a single lot, Brittle said.
“People want to be closer to where they work, shop and play,” said Alan Looney, owner of Castle Homes, which created Arundel Court in the area. “Some clients are moving back from Williamson County. They say … ‘It’s so far away.’ ”
That’s a sentiment Brittle said he hears every day. He warns home buyers not to wait too long or they might miss out on the home they want.