Over the past two years, there has been a significant change in 37206’s real estate industry. Such changes have seen the prices and values of homes here increase from December 2016 going forward. Here is a brief overview of the state of homes in 37206 in terms of price and value.
The value of homes in 37206
Presently, the average value for a home in 37206 is around $323,300. According to past statistics, homes have increased in value by about 7.2% from last year. However, according to the prediction of Zillow, there is a high expectation that there will be a 3.2% rise in the coming year.
The prices of homes in 37206
The prices of homes in 37206 have increased as well. For example, the median list price for a home in 37206 is US$235 for every square foot. In comparison to the neighboring areas, this price is quite high. For instance, Nashville’s list price for a similar home is US$196 per square foot. With respect to the current listing, a home in 37206 has a median price of US$399,900. Nonetheless, the median price for the sold homes stood at US$355,500.
Rent price for homes in 37206
This area has some of the highest priced rental homes in comparison to Nashville. Rental houses and homes here are going for as high as US$1,900, while in Nashville similar homes and houses are going for US$1,600 monthly rent.
Impact of foreclosures on homes’ prices and value
Numerous factors will influence the prices and value of homes in the years to come. One of such factors is foreclosure. For example, out of 10,000 homes in 37206, 0.9 are foreclosed. Such a rate is much lower as compared to the national value of 1.6 and 1.4 in Nashville. The foreclosure process starts with mortgage delinquency. At times, homeowners may fail to meet their mortgage payment obligation, which leads to mortgage delinquency. 37206 has a lower rate or mortgage delinquency (0.7%) considering that the national value stands at 1.6%.
The United States of America has suffered a great deal in the value of homes. Nevertheless, around the year 2007, the country had some of the highest valued homes although the peak value never went past the year 2011. Since the fall in the value of homes in the U.S. in 2011, there has been a consistent decrease of about 20% in the value of homes. Such reduction in homes’ value has had a significant impact on the many homeowners, especially those who had acquired their homes through mortgage plans. A large number of homeowners are experiencing a condition where they are underwater as far as their mortgages are concerned. The implication is that their homes’ worth is much less than what they owe. 37206 has not been left behind as far as the underwater situation is concerned; 8.4% of the homeowners are underwater in the mortgages. This percentage of homeowners underwater in 37206 is higher as compared to the case in Nashville whose percentage stands at 7.0%.