Homes are still selling quickly in Sumner County, but new housing data released by the local REALTOR® association shows cooling prices and rising inventory aligned with national trends of an overall decline in real estate transactions.
The average price for single-family homes dropped 5% from the record-high $525,961 in May to $501,332 in June but is still 11% higher than June 2021 ($452,016). Single-family homes in Sumner County are also still selling just 8 days, on average, after going live on the regional Multiple Listing Service.
Total inventory (1,284) was up 9% in June compared to May. The 560 available single-family properties considered as active inventory (listed for sale and not yet under contract) increased 30% from May to June and 86% compared to a year ago.
There were also more new properties listed in June (580) than the previous month, and 46% higher compared to new listings in June 2021 (397).
“National analysts expect a slowdown this summer and through the remainder of the year because of so many economic factors including rising inflation and interest rates. We can see and feel the market shifting here. Housing demand remains incredibly strong in Middle Tennessee, however, partly because of so many people looking to relocate here from other parts of the country, so the overall decline in activity will be gradual,” said Shellie Young Tucker of One Stop Realty in Hendersonville and 2022 President of Sumner REALTORS®.