HENDERSONVILLE, Tenn. – The average sales price for a real estate listing in Sumner County increased almost $10,000 in the past 30 days and is now more than $374,000, with single-family homes selling for more than $452,000, on average.
Data from the regional multiple listing service shows continued challenges related to supply and demand across Middle Tennessee and specifically in Sumner County, where total housing inventory is down 17% from the same period last year. After modest month-to-month increases in new listings and overall inventory, new listings in June dropped 7% from May and are down 30% from a year ago.
“We were hoping last month’s increases in new listings and total inventory signaled the beginning of a trend that would help stabilize the local housing market. The June data, however, show more of the same. Prices have risen sharply and will continue to do so as long as supply and demand remains so lopsided. It has never been more important for homebuyers to engage a professional REALTOR® who can help them compete in this unforgiving climate,” said Shellie Young Tucker, ABR, CRS, C2EX, GRI, 2021 President of Sumner REALTORS®.
Sumner REALTORS®, the nonprofit trade association representing more than 900 local REALTORS® and affiliated professionals, reports that multiple offers are commonplace locally, with winning bids usually exceeding the list price by tens of thousands of dollars. Buyers are bringing more cash to the table out of necessity and waiving traditional safeguards like inspections and appraisals.
Well-qualified buyers are wise to engage a professional REALTOR® who is familiar with the market and capable of submitting a quick and creative bid. Single-family homes in Sumner County sold just 9 days after the original listing, on average.
The average price per square foot increased to $164 for all property types (single-family, multi-family, condos and lots, land and farms), approximately 12% more than June 2020.