The red-hot real estate market has driven up prices to an average of $360,591 in Sumner County, according to the latest data from Sumner REALTORS®, the nonprofit trade association for local REALTORS® and affiliated professionals. Single-family homes, meanwhile, are on the market just 8 days, on average.
The association reports that while new listings and total inventory have declined 23% and 22%, respectively, since April 2020, there were 25% more closings and a 30% increase in new properties under contract in Sumner County last month compared to a year ago.
“One year ago, the pandemic lockdown was in full effect, and we still had many more properties and new listings on the market than we do now. But when you compare the year-over-year numbers for new contracts and closings you see the real story of this current market, where the properties that are listed fetch an almost immediate sale,” said Shellie Young Tucker, ABR, CRS, C2EX, GRI, 2021 President of Sumner REALTORS®.
New listings property listings declined 4% from March, signaling a longer wait for much-needed inventory that REALTORS® typically expect to hit in the spring season.