HENDERSONVILLE – Sumner REALTORS®, the nonprofit trade association for local real estate professionals, has released its monthly summary of the Sumner County housing market. There were 277 closed property transactions in January, down more than 45% from the prior month. Home prices, meanwhile, continue to increase due to unwavering demand and lack of available properties.
Total inventory decreased 12% since last month, and new property listings are down 21% compared to January 2021. At the end of January there were 514 properties available for sale without an existing contract agreement, including just 319 single-family homes. The remainder were multi-family, condominiums and land and farms.
Total housing inventory can be measured in months’ supply – the number of months it would take for the existing inventory of homes on the market to sell at the current pace. Sumner County’s supply is currently 2.8, 22% lower than in January 2021 and less than half of the ideal 6 months’ supply.
The average price of a single-family home in January was $460,442, a nearly $90,000 increase compared to a year ago, and the average price per square foot in Sumner County jumped to $186.
“It is not atypical to see a slowdown in overall sales in January, but we haven’t had much, if any, seasonal predictability for the past two years. Our members are still reporting a highly competitive environment for buyers that is not likely to change until at least spring, when we traditionally see more existing homes listed for sale. Increasing interest rates may alleviate some of the market pressures in the coming months but the immediate need is more inventory,” said Kelly McDaniel, owner/broker of Weichert REALTORS® – Southern Realty Partners in Hendersonville and 2022 President of Sumner REALTORS®.