Home Values Make Dramatic Jump in March

Average Single-Family Home in Sumner County Sold for More Than $525,000 Last Month

The price of a single-family home in Sumner County rose from $471,204 in February to $526,905 in March, a 12% increase in the 30-day period, and a staggering 35% increase compared to March 2021 ($391,244).

New market data reported by Sumner REALTORS®, the local nonprofit trade association representing approximately 1,000 real estate professionals, shows modest increases in key measures of local supply for the second straight month, but the demand for housing continues to push home prices up at an impressive clip.

“A small increase in new listings is not surprising on the cusp of spring. It is historically expected,” said Kelly McDaniel, owner/broker of Weichert REALTORS® – Southern Realty Partners in Hendersonville and 2022 President of Sumner REALTORS®. “When we look at the whole inventory picture over the past 60 days, we can find some positive indicators, but we will not experience any real levelling in the market until we see much more significant gains in new listings and active inventory.”

Average days on market for single-family homes dropped to 13 in March after a slight increase in February (17). Other measures, however, could signal the beginning of a much-needed seasonal uptick. Total inventory for all types of properties (1,432) was up 4% compared to last month and 9.5% compared to March 2021. There were also more new listings (566) and more active residential listings – properties on the market and not yet under contract – than a month or year prior. Total closings (472) represented a 47% month-to-month increase (322) and a 14% year-over-year increase (415).

April is National Fair Housing Month, and Sumner REALTORS® hopes the price and inventory data will help raise awareness of affordability challenges in the area and support the National Association of REALTORS® ACT (Accountability, Culture Change, and Training) plan for Fair Housing action and confronting barriers to homeownership. NAR and realtor.com® released a joint report in February titled “Double Trouble,” which found that record-high home prices coupled with record-low inventory are holding many Americans back—particularly Black Americans—from achieving homeownership. Since 2017, the annual homeownership rate for White Americans has remained above 70% while the homeownership rate for Black Americans has been only about 40%.

“It is difficult to believe we have a healthy mix of housing options in our area when you are looking at an average sales price of more than a half million dollars. Affordable housing is already a challenge, and rising home prices are not helping. We must have discussions in our communities about how to navigate this market and be intentional about creating homeownership opportunities for people in every socioeconomic context,” said McDaniel.