The Sumner County real estate market is off to a stellar start in 2021 in a continuation of momentum from last year, according to Sumner REALTORS®, the nonprofit trade association for local REALTORS® and affiliated professionals.
The latest housing market data reveals the average sales price for all properties (single-family residential, multi-family, condos, and lots/land) was $352,525 in January, roughly 11% higher than one year ago, prior to the COVID-19 pandemic. Properties under contract were up 27% despite a 10% drop in total inventory compared to December 2020. Eager buyers enticed by record-low mortgage rates are competing for limited inventory. Residential homes in Sumner County are selling an average of just 17 days after they appear on the Multiple Listing Service.
“The fast start is not surprising considering how we ended 2020. Low mortgage rates and low inventory create high demand and high prices. At some point, perhaps later this year, these trends will begin to shift, but for now, sellers remain comfortably in the driver’s seat,” said Shellie Young Tucker, ABR, CRS, C2EX, GRI, 2021 President of Sumner REALTORS®.
Tucker emphasized that buyers should expect some difficulty in finding available properties and may often pay more than the listing price to secure a contract. The lack of inventory, she said, fuels a frenzied competition among buyers who move quickly and drive up the final price.
Sumner County remains among the most popular destinations for homebuyers in Middle Tennessee in large part because of its proximity to Old Hickory Lake, retail and restaurants, and a top-rated public school system, all within 30 minutes from downtown Nashville.
Local housing trends generally reflect what is happening in other markets across the U.S. All four major U.S. regions experienced increased growth in pending home sales transactions in January 2021 compared to January 2020. National Association of REALTORS® Chief Economist Lawrence Yun predicts existing-home sales to reach 6.49 million in 2021, a 15% increase compared to 2020 home sales.
