Sumner County homes are selling fast, values are on the rise, and there aren’t enough properties available for buyers, according to Sumner REALTORS®, the trade association for local real estate professionals.
The latest Multiple Listing Service data shows an increase in new properties under contract for August 2020 compared to the prior month. However, total inventory, closings and new listings have decreased since last month.
The average and median sales price for all property types in the county during August jumped approximately 8% from the same period in 2019, and the average price per square foot is up more than 7% compared to last year. The average and median days on market for all properties in Sumner County came in around 85 and 65 days, respectively.
“Overall days on market numbers don’t represent what is really happening in Sumner County because it includes land, lots and farms, and multi-family properties. In August we saw an average of 22 days on market for residential properties. Homes are moving fast and fetching top dollar. Agents are having a difficult time keeping listings and finding properties for their buyers. The demand won’t cool until mortgage rates rise, and prices will be firm until we get an influx of inventory,” said Shellie Young Tucker, ABR, CRS, GRI, 2020 President of Sumner REALTORS®.
The same factors fueling the local real estate dynamics are at play in other markets across the U.S. Competition is fierce among buyers because of historically low mortgage rates and low inventory, and demand is high as people are reevaluating their living spaces to accommodate specific wants and needs, such as a dedicated work-from-home area.