The real estate market in Sumner County continues to hold strong during the COVID-19 pandemic thanks in large part to low inventory, according to the latest market data reports.
“We’re seeing a continuation of short supply as we did prior to and throughout the pandemic, so prices are holding strong. If demand picks up during the second half of the year then buyers may struggle to find property, or may find it more expensive than they anticipated,” said Shellie Young Tucker, ABR, CRS, GRI, 2020 president of Sumner REALTORS.
“Sellers, meanwhile, should benefit from the low inventory. It will be interesting to see whether this dynamic lures sellers who talked earlier in the year back into the market.”
The latest Multiple Listing Service data shows an increase in new listings and closed transactions for June 2020 compared to the prior month. Total inventory and new under contract decreased approximately 2 percent since May.
The average sales price for all property types in the county during June jumped approximately 12 percent from the same period in 2019, to $347,354. The average price per square foot has seen a 6 percent increase in comparison to June 2019, with prices now averaging $152 per square foot.
Nationally, real estate markets are seeing a noticeable rise in activity compared not only to recent months but also to June 2019. This trend suggests buyers are eager to reenter the market despite ongoing concerns and economic uncertainty due to the pandemic.
Sumner REALTORS represents approximately 800 professional REALTORS and affiliate members in Sumner and Macon counties. The association has since 1963 provided its members the connections, products, services, and resources to gain a professional edge in the real estate industry. Learn more at sumnerrealtors.com.