HENDERSONVILLE, Tenn. – A lingering gap between supply and demand keeps pushing home prices higher in Middle Tennessee. The average sales price for all real estate listings in Sumner County reached nearly $377,000 in July, an increase of approximately 13% since July 2020.
The average price per square foot climbed at the same annual rate (13%) to $167. There was a 13.5% increase in new property listings in July compared to June, but total inventory is still down 9% from a year ago.
“We are not reading too much into a slight increase in total inventory because we are still so far behind what would be considered an ideal supply. The increase in new listings from June is good, but, again, will not make a notable difference in the market until it is sustained. Residential properties are continuing to sell very quickly and for top dollar,” said Shellie Young Tucker, ABR, CRS, C2EX, GRI, 2021 President of Sumner REALTORS®, the nonprofit trade association representing more than 900 local REALTORS® and affiliated professionals.
Single-family homes in Sumner County are selling just 8 days after being listed, on average, marking the fourth straight month of single-digit average days on market. By comparison, the average days on market for residential homes in July 2020 was 27 days.
Sumner REALTORS® advises consumers who are looking to purchase a property to consult a licensed REALTOR® who can help shoppers successfully navigate the competitive market. Homeowners who are considering a sale will also benefit from the expertise of a REALTOR® who can facilitate a quick, smooth transaction for maximum return on investment.