NASHVILLE, Tenn. - Several celebrities have multi-million dollar homes here in the mid-state and sales of the homes have skyrocketed.
Nashville has seen one of the biggest jumps in the country for million dollar home sales. In the past year luxury home sales in the Nashville area are up more than 13-percent.
Experts believe this trend could eventually help to improve the overall housing market
For Crye-Leike realtor Judy Williams, recent business has been good.
"Right now we're in the heart of the market, the best time for real-estate is right now at this time of the year," said Williams.
On Monday, Williams took a bit of time to walk us through this spacious home in the Hampton Reserve community.
One five-bedroom home boasts a wine cellar, a theatre room, and study. It lists for about $1.2 million.
Since January of this year, 27 homes listed at more than a million dollars have been sold in Williamson County. That is up 58-percent from this time last year.
25 similar properties have sold in Davidson County, which is up 32-percent over last year.
"Tennessee is a state with no state income tax, and we have some of the prettiest homes in the country. You can get some much more for your money. We have clients come in here from California, Florida, Arizona and they're like absolutely blown away," Williams said.
Experts point to several factors leading to the increase in luxury home sales including a low interest rate and a more stable stock market.
"People were really nervous all the time but now people are really starting to feel confident in the economy," Williams added.
Williams also believes positive signs in the luxury housing will eventually open the entire market.
"I think people as they see the bigger homes starting to sell, I think across the board everyone starts to feel better about the situation," Williams told NewsChannel 5.
Realtors said a number of the million dollar homes in the Nashville area are only on the market for about six months.
Right now, several million dollar homes are on the market, including George Jones' Franklin estate, Sheryl Crow's farm and mansion in the College Grove community and Vince Young's home in Brentwood.
Luxury Home Sales Up More Than 13 Percent In Nashville -NewsChannel 5 WTVF-TV Nashville, TN
May 19, 2011