An increasingly common experience among REALTORS® and their clients in Hendersonville, Gallatin or any other part of Sumner County is multiple offers in the first 24 to 48 hours of a home being on the market and a final sale of thousands more than the list price. The extremely competitive real estate market can be lucrative for sellers and frustrating for buyers who are forced to make aggressive concessions to secure a contract.
Sumner REALTORS®, the nonprofit trade association for local REALTORS® and affiliated professionals, reports that the average sales price for all properties (residential homes, multi-family homes, condos, and lots/land) in March was $358,725, a 12% increase since March 2020.
The association says its REALTOR® members are challenged to find available homes for their clients. When properties do hit the market, they sell quickly and usually for more than the sellers are asking. The average price per square foot has increased 9% in the past year to $157, meaning a family can expect to pay nearly $400,000 for a 2,500-square-foot home.
“The month-to-month increase in new listings is an encouraging sign but still far short of the inventory we need to meet demand. Supply is still down nearly 25% from a year ago. We are looking for growing consumer confidence to translate into more properties on the market this spring,” said Shellie Young Tucker, ABR, CRS, C2EX, GRI, 2021 President of Sumner REALTORS®.
National economists predict a surge from pent-up demand in the U.S. economy being unleashed as the pandemic eases, which could make for another strong year in real estate, even as interest rates rise and inventory improves with more sellers comfortable entering the market. New listings in Sumner County increased 12% since February but are down nearly 20% compared to March 2020.