HENDERSONVILLE, Tenn. – There was a much-needed boost to real estate inventory in Sumner County in October, according to monthly market statistics released by Sumner REALTORS®, the nonprofit trade association representing more than 900 local REALTORS® and affiliated professionals.
Total inventory (single-family and multifamily homes, condos, land and farms) increased nearly 3% compared to September and was up more than 13% from the same period a year ago. There were 599 new property listings in the area – a 10.5% increase from October 2020. New properties under contract also rose 10% in a month and are up more than 13% year over year.
“Our market has starved for inventory for nearly two years. Any increase in new listings and total inventory is an encouraging sign, but we really would like to see consecutive months to establish a positive trend. We continue to watch how gradually increasing interest rates affect demand and remain hopeful that more homeowners will decide to sell this winter and into spring. We just need more supply to temper prices and get more people in homes,” said Shellie Young Tucker, ABR, ACE, CRS, C2EX, GRI, 2021 President of Sumner REALTORS®.
The average price of a single-family home actually decreased slightly in October compared to September, but $441,920 is still 23% higher than October 2020
($360,429). Days on market for residential properties also increased from 7 days in September to 11 days in October, creating a slightly longer window for would-be buyers to identify and make an offer on desired properties.
Competition among buyers, however, is incredibly stiff, particularly for homes at or below the average price point. In a recent survey by the National Association of Homebuilders, 45% of prospective buyers said they keep getting outbid by other offers, and 66% said they’ve spent at least three months searching for a home without success. REALTORS® are concerned about the current lack of options for first-time homebuyers, and the long-term effects on affordable housing in the community.