The Sumner County housing market continues to see rising home prices due to short supply and record-low mortgage rates, according to Sumner REALTORS®, the nonprofit trade association for local real estate professionals.
The latest Multiple Listing Service data shows the average sales price for all property types in Sumner County for October 2020 was 9.5% higher, on average, than the same period last year. Inventory and new listings, meanwhile, have seen a 24% and 14% decline since last year, respectively. The latest market trends make for a competitive local buyer’s market, with residential properties averaging just 18 days on the market before selling.
“What we are seeing in the local market mirrors what is happening nationally – continued short supply and high demand drive up prices. The forecasts for the remainder of fall and heading into winter is that these trends will hold. We expect a very strong close to 2020. We caution buyers and their representatives to set the proper expectations around availability and price,” said Shellie Young Tucker, ABR, CRS, GRI, 2020 President of Sumner REALTORS®.
Housing markets across the U.S. are seeing similar trends as record-low mortgage rates continue to drive up demand. Without a boost to inventory or an increase in interest rates to cool demand, buyers may have difficulty finding homes or be forced to pay much higher prices well into the winter months.