The local housing market saw consistently strong activity in 2020 through December despite the COVID-19 pandemic, according to Sumner REALTORS®, the nonprofit trade association for local real estate professionals.
Data shows prices rose by 10% for properties in Sumner County in December compared to the same period in 2019, continuing what proved to be a very lucrative year for sellers. Buyers, meanwhile, struggled to take advantage of record-low mortgage rates and increased remote work opportunities in a market with inadequate supply to meet their demand.
Sumner County saw housing market inventory and listings decrease by 10% and 6%, respectively, while closings increased by 25% in December compared to the previous month. The ongoing market trends make for a competitive buyer’s market heading into what is traditionally a busy spring season for REALTORS® assisting buyers and sellers.
“Prices stabilized a bit in December as compared to the previous month, but the year-over-year numbers still outpaced projections. It was a banner year for the real estate sector. We caution buyers to temper expectations when it comes to availability and affordability. Demand is still high and there aren’t enough sellers to meet it. Residential properties are on the market for less than three weeks, on average, in Sumner County,” said Shellie Young Tucker, ABR, CRS, GRI, 2021 President of Sumner REALTORS®.
National Association of REALTORS® Chief Economist, Lawrence Yun, and other experts predicted in December 2020 that decreasing unemployment and rising interest rates will help level out the housing market in 2021. The consensus forecast is that annual median home prices will increase by 8% this year.