Although residential new construction inventory is down, what is available certainly seems to be selling as we inch closer to the halfway point of 2016. An interesting article from Nashville Business Journal recently ranked the hottest selling new developments in the Nashville area, and according to their findings, home buyers appear to be extremely active in the new construction market, with home sales figures coming very close to equaling the number of home starts in a number of new developments or communities across the region.
Of the top 5 projects mentioned, the Burkitt Place neighborhood, which includes Burkitt Place, Burkitt Village, Burkitt Springs, Burkitt South, and Whitney Park, saw the most home sales from March 2015 to February 2016, tallying 95 closings overall. Over that same timeframe, Burkitt Village also saw the most home starts, with 120 total houses in the community starting construction.
Spence Creek in Lebanon, TN is a close second, totaling 91 home starts from March 2015 to February 2016, nearly selling out all 92 home starts within that time span. Next on the list is Tollgate Village, a community that saw 88 new home closings out of the 102 that were started over the past year, while Canterbury Fields (including the Fields of Canterbury) and Wade’s Grove (including The Crossing at Wade’s Grove) ranked fourth and fifth on the list, seeing 74 and 73 new homes closings respectively.
While the sales to closing ratios are certainly noteworthy, perhaps the most interesting element behind Middle Tennessee’s top new construction developments from 2015 to 2016 is that not one is located in Nashville.