June 2022 Sumner County Market Report

Market Report: JUNE 2022

Demand for our area remains high, but we are seeing a deceleration in the housing market.

The news can be daunting but I follow some of the leading experts in economics, banking and real estate and the market shift is not as scary as the news makes it out to be.  Here is what you need to know.

Despite rising prices, homes are not moving as fast!

The last two years in real estate have been record breaking! Record low mortgage rates and millennials as our next buyers peaked the homebuying influx causing buyer demand.  And at the same time, there weren’t enough homes available to purchase thanks to many years of UNDERBUILDING and sellers who held off on listing homes due to the health crisis.

Buyers are still searching, and the competition is still very much alive.

This combination of record-high demand and record-low supply,and that it wasn’t going to be sustainable, the latest data shows a market shift to PRE-pandemic- not a crash nor a correction–

Realtor.com says:

We are at a turning point….headed back to how things were before the pandemic.

 If you’re thinking about buying or selling in the next 12 months, now is the time to get a plan in place. I understand the financial and logistical complexity of a move. We sold our home with twin toddlers, so I know firsthand how important it is to have a trusted partner to help manage the details while you stay focused on keeping your daily life on the rails. That’s why I’ve made it my mission to provide my clients with the knowledge and tools needed to prepare themselves for this transition. And thanks to a proven process that works, I’ve had the pleasure of helping 100’s of clients over the past 16 years to get the results they deserve so that they can move on to their next chapter with ease.

Real Estate Market Highlights:  JUNE

Single-Family

Home Stats

2021 YTD 2022 YTD 2021 vs.

2022

Analysis
         
Average Sales Price $397K $534K 34% Last years appreciation : 18%

Current appreciation: 8-10%

A normal market is: 3.5%

New Listings 435 496 3.14% Lowest in home Inventory since 1999.
Price Per Sq. Foot $172 $223 30.4% Some homes have sold as high as $265  sq. foot.

 

SimpliHOM Realty OFFICE: 855-856-9466 Website: AmberCarlson.Com Lic#306652

May 2022 Sumner County Market Report

Market Report: May 2022 

Demand for our area remains high, and it’s having a positive effect on prices.

National data shows that home sales have been on the rise since January which means more options for buyers in the low inventory market. According to Realtor.com the growth is expected to continue.

Despite rising prices, homes continue to move fast!

Homes are selling faster so you must act quick. Since January the national average days on market has gone from 19 days to 16 and in our local area of Middle Tenn the average resale home days on market is about 3 days.  Although a bit intimidating it’s the one market that you could buy without a sale of home contingency because your current home will sell just as fast, although you do need a real estate expert to help navigate you thru the timeline and deadlines of those dates, that is crucial.

Buyers are searching now, and we expect competition to stick around.

Be ready and write the strongest offer possible. An offer I wrote just today looked like this. Thirty thousand over list price, no appraisal, no inspection contingency (although I do not advise that) and all cash closing in two weeks.

If you’re thinking about buying or selling in the next 12 months, now is the time to get a plan in place. I understand the financial and logistical complexity of a move. We sold our home with twin toddlers, so I know firsthand how important it is to have a trusted partner to help manage the details while you stay focused on keeping your daily life on the rails. That’s why I’ve made it my mission to provide my clients with the knowledge and tools needed to prepare themselves for this transition. And thanks to a proven process that works, I’ve had the pleasure of helping 100’s of clients over the past 15 years to get the results they deserve so that they can move on to their next chapter with ease. Real Estate Market Highlights:  May

Single-Family

Home Stats

2021 YTD 2022 YTD 2021 vs.

2022

Analysis
         
Average Sales Price $384,873 $509K 32% Home prices have increased almost by $40K in some counties since Jan.
New Listings 441 447 3.5% Lowest in home Inventory since 1999.
Price Per Sq. Foot $172 $221 28.5% Condo price increase has eliminated several home buyers the past couple months

 

SimpliHOM Realty OFFICE: 855-856-9466 Website: AmberCarlson.Com Lic#306652

April 2022 Sumner County Market Report

Market Report:

Demand for our area remains high, and it’s having a positive effect on prices.

As much as buyers want to check all the boxes when buying a home, some are realizing that they may have to do without some things. Buying new construction and closing in 5 months have agents and their buyers discussing their finances with the lender BEFORE going under contract so there are no surprises with their monthly payment before closing.

Despite rising prices, homes continue to move fast!

List price higher than it should be? It’s your market sellers but working offers month in and month out has proven to not always be the better route. List competitively and you will have more offers to choose from. Listing too high will still get you quite a few showings but possibly less offers to choose from. Price it right.

 Buyers are searching now, and we expect competition to stick around…

The most rewarding part of real estate is watching the homeowner get the keys to their home. Recently I’ve witnessed numerous clients get into their first home with VA benefits or THDA/USDA (first time home buyers) and bring little to nothing down at the closing table. Home ownership is a reality. Those tax refund checks could be the start to get you closer to owning your own home.

If you’re thinking about buying or selling in the next 12 months, now is the time to get a plan in place. I understand the financial and logistical complexity of a move. We sold our home with twin toddlers, so I know firsthand how important it is to have a trusted partner to help manage the details while you stay focused on keeping your daily life on the rails. That’s why I’ve made it my mission to provide my clients with the knowledge and tools needed to prepare themselves for this transition. And thanks to a proven process that works, I’ve had the pleasure of helping 100’s of clients over the past 15 years to get the results they deserve so that they can move on to their next chapter with ease.

Real Estate Market Highlights:  March Numbers

Single-Family Home Stats  2021 YTD 2022 YTD 2021 vs. 2022 Analysis
         
Average Sales Price $395,873 $534K 35% Being up 16% appreciation has your home value up over $100K from this time last year.
New Listings 474 394 ↓-16.9% Lowest in home Inventory since 1999. BEST week to list is mid April
Price Per Sq. Foot $165         $217  31.5% Condos in Sumner Co: 3 bed 2 bath Start at $324K now and are going up

SimpliHOM Realty  OFFICE: 855-856-9466

Website: AmberCarlson.Com  Lic#306652

March 2022 Sumner County Market Report

Demand for our area remains high, and it’s having a positive effect on prices.

Average rate of appreciation for homes the last quarter hovered around 4.15%. Over the past YEAR we have had 16% appreciation in Tennessee. Rates will continue to increase over the next few quarters so do not delay if you are planning on moving soon.

Despite rising prices, homes continue to move fast!

Many analysts predicted homes prices to reduce dramatically but that is not the case. Price appreciation has slowed but has not declined as anticipated. Selma Hepp, Deputy Chief economist at Corelogic stated this, “After some signs of  slowing home price growth….monthly price growth re-accelerated again, indicating that home buyers have not yet thrown in the towel. 

Buyers are searching now, and we expect competition to stick around. 

Multiple offers are still very much a thing and making the strongest offer is for the serious buyers no doubt. You MUST get in the game if you want a shot at winning the offer . As your Realtor I ask that you trust me. I’ve been writing offers in the crazy market for the past 2 years. I know what will win an offer and what will not.

If you’re thinking about buying or selling in the next 12 months, now is the time to get a plan in place. I understand the financial and logistical complexity of this move. We sold our home with twin toddlers, so I know firsthand how important it is to have a trusted partner to help manage the details while you stay focused on keeping your daily life on the rails. That’s why I’ve made it my mission to provide my clients with the knowledge and tools needed to prepare themselves for this transition. And thanks to a proven process that works, I’ve had the pleasure of helping 100’s of clients over the past 15 years to get the results they deserve so that they can move on to their next chapter with ease.

Real Estate Market Highlights: Sumner Co. January

Single-Family Home Stats  2021 YTD 2022 YTD 2021 vs. 2022 Analysis
         
Average Sales Price $370K $478K 29.2% Being up 16% appreciation has your home value up over $100K from this time last year.
New Listings 430 323 ↓-24.9% Lowest in home Inventory since 1999. That’s  changing. COMING SOONS are around the corner
Price Per Sq. Foot $164         $210  28% Nashville is HOT….Newer, 2 bedroom condo’s downtown last month SOLD for an average of $301 a sq. foot

SimpliHOM Realty  OFFICE: 855-856-9466

Website: AmberCarlson.Com  Lic#306652

January 2022 Sumner County Market Report

Market Report:

Demand for our area remains high, and it’s having a positive effect on prices.

While home prices and mortgage rates are rising so are monthly rents. Annual rent growth was more than 3X that of a year earlier. Todd Teta, chief Product Officer at ATTOM Data, says: “…Home Ownership still remains the more affordable option for average workers in a majority of the country because it still takes up a smaller portion of their pay.”

Despite rising prices, homes continue to move fast!

As stated previously in my Market Reports, waiting is going to cost you. With the rates rising slowly over the  next year, you are looking at approximately an $118 increase in your mortgage by waiting till this time next year to buy.  Even with the rates rising, that is not slowing down the multiple offer competition. There are still plenty of buyers ready to buy and not enough inventory on the market.

 

Buyers are searching now, and we expect competition to stick around.

Across the nation we are still experiencing a shortage. We dropped 14% in inventory as a nation from this time last year. Unsold inventory sits at 1.8 months supply. Inventory hasn’t been this low since 1999. SELLERS….you have the upper hand but I will still say BUYERS are the ones setting the price point.  Offers that are over asking, waiving/gapping the appraisal and being flexible with closing dates are the ones winning the offer in most cases

 

Real Estate Market Highlights: Sumner Co. January

Single-Family Home Stats  2021 YTD 2022 YTD 2021 vs. 2022 Analysis(month2month)
         
Average Sales Price $373K $469K 25.7% Record breaking increase in home prices.
New Listings 459 301 ↓-34.4% Lowest in home Inventory since 1999
Price Per Sq. Foot $157         $202  28.7 %  Really hard to build a home or less than $200 a sq.foot due labor shortage and supply cost increase

SimpliHOM Realty  OFFICE: 855-856-9466

Website: AmberCarlson.Com  Lic#306652

December 2021 Sumner County Market Report

Demand for our area remains high, and it’s having a positive effect on prices.

According to Danille Hale, chief economist at Realtor.Com states that,

“Affordability will increasingly be a challenge as interest rates and prices rise, but remote work may expand search area and enable younger buyers to find their first homes sooner than they might have otherwise. And with more than 45 million millennials within the prime first time buyer ages of 26-35 heading into 2022, we expect the market to remain competitive.”

 

Despite rising prices, homes continue to move fast, still!

Builders are trying to keep up with demand and sellers are trying to keep up with offers. Book your viewing quickly, as soon as it lists, and get your offer in ASAP– a seller can stop all showings at any time and finalize on the best offer before the deadline shown on the MLS if they so choose.

 

Buyers are searching now, and we expect competition to stick around. 

My biggest influx in buyers came the month of December. I drove over 600 miles the week of New Years Eve showing property all the way from Cheatham, Wilson  to Williamson County.

 

Real Estate Market Highlights: SUMNER COUNTY- December

Single-Family Home Stats  2020 YTD 2021 YTD 2020 vs. 2021 Analysis(month2month)
         
Homes for Sale 906 367 ↓59.5% Now that the holidays are over you will start to see a pick up in new listings.
New Listings 358 268 down

27.4%

New December Listings: 213 are already Under Contract
Closed Sales 397         369  7.1 %  369 single family homes Closed last month (DEC.) in Sumner Co. Average Days on Market 13 days!

New Construction- 81 DOM

SimpliHOM Realty  OFFICE: 855-856-9466

Website: AmberCarlson.Com  Lic#306652

November 2021 Sumner County Market Report

Demand for our area remains high, and it’s having a positive effect on prices.

Living on your own and wanting to buy…the dream can become a reality. “Almost 28% of homeowners are solo persons and the number is rising,” according to Freddie Mac.

Despite rising prices, homes continue to move fast, still!

A few things a solo homeowner needs to consider is this: Know your down payment, know your credit score and know what your needs are. Most agents will not even show you a property unless you have spoken to a lender and are pre approved. It is also a must have from the seller to buyer before letting you view. Be prepared.

Buyers are searching now, and we expect competition to stick around.

Take rising rates into consideration when budgeting so there are no surprises when rates increase.

 

Real Estate Market Highlights: SUMNER COUNTY- NOVEMBER

Single-Family Home Stats  2020 YTD 2021 YTD 2020 vs. 2021 Analysis(month2month)
         
Homes for Sale 1059 466 ↓56% Heading into our slower months we are NOT showing a drop in housing inventory
New Listings 376 307 down

18.4%

Novembers Listings: 308 are already Under Contract
Closed Sales 304         386   24 %  386 single family homes Closed last month (NOV.) in Sumner Co. Average Days on Market 12 days! New COnstruction makes DOM 81 days

SimpliHOM Realty  OFFICE: 855-856-9466

Website: AmberCarlson.Com  Lic#306652

October 2021 Sumner County Market Report

Market Report:

 

Demand for our area remains high, and it’s having a positive effect on prices.

Experts are already projecting mortgage rates to rise in 2022. Freddie Mac stated recently that, “the average 30 year fixed rate is expected to rise to 3.5% in 2022.”

By historical standards that is still extremely low and supportive of mortgage demand and affordability. Average sales price for single home residential in Sumner Co is $437,000.  That is almost 100K more than what it was this time last year.

Despite rising prices, homes continue to move fast.

With buyers eager to purchase before interest rates rise this gives sellers who want to list this fall a tremendous advantage – it’s called leverage.  Average days on market is still around 10 days and 21 days if you are counting from the time a home lists till it’s under contract.

Buyers are searching now, and we expect competition to stick around. 

And buyers also want three things. 1) to be the winning bid 2) buy before rates rise  3) buy before prices go even higher.  Since buyer demand is still high this gives sellers still the opportunity to pick the best offer that suits them. By the end of the 4th quarter in 2022 rates will be closer to around 3.7%

Real Estate Market Highlights: SUMNER COUNTY

Single-Family Home Stats  2020 YTD 2021 YTD 2020 vs. 2021 Analysis(month2month)
         
Homes for Sale 1126 541 ↓52% Heading into our slower months we are NOT showing a drop in housing inventory
New Listings 506 423 down

16.4%

Octobers Listings: 366 are already Under Contract
Closed Sales 380         375   down 1.3%  375 single family homes Closed last month (Oct.) in Sumner Co. Average Days on Market 10 days!

SimpliHOM Realty  OFFICE: 855-856-9466

Website: AmberCarlson.Com  Lic#306652

September 2021 Sumner County Market Report

Demand for our area remains high, and it’s having a positive effect on prices.

If you were able to invest $3500 today with the possibility of  doubling your money in one year would you hear me out? The average American in Tennessee gained around $37K the past year in home equity. When it’s time to sell your home, your equity can help you with some of those goals. Kids College fund, move to a bigger house or start a business.  Home appreciation will start to slow down in the months ahead. You will see home prices settling back to a normal market or rather pre pandemic statistics.

Despite rising prices, homes continue to move fast.

It’s the very reason that renters buy. Rent is rising. Landlords can increase your rent where more loans can lock you in for 30 years. Plus as a homeowner you have the option to customize and upgrade your space. And most importantly….you are building wealth rather than building someone else’s wealth.

Buyers are searching now, and we expect competition to stick around. 

Multiple offers are still a big struggle for buyers these days. That part has not changed but what I can say is that there are definitely more homes coming on the market, daily however we did see quite a drop from August to September as far as new listings in Sumner Co.*see below.  After 4 months, hundreds of miles driven, multiple offers submitted and some rejected, I can say that all 4 of my buyers are under contract. Contract to close is averaging about 55 days due to a DELAY in APPRAISALS.

Real Estate Market Highlights: SUMNER COUNTY

Single-Family Home Stats  2020 YTD 2021 YTD 2020 vs. 2021 Analysis(month2month)
         
Homes for Sale 1119 451 ↓59.7% Today, Oct. 1st Sumner has 248 Active single family homes avail. Davidson Co. has 671. Townhomes/Condo: 42 Sumner 279 Davidson Co.
New Listings 443 370 down

16.2%

Of the 370 new listings in September 312 are already Under Contract
Closed Sales 387         356   ↓down 8%  338 single family homes Closed last month (September) in Sumner Co. Average Days on Market 8 days!

SimpliHOM Realty  OFFICE: 855-856-9466

Website: AmberCarlson.Com  Lic#306652

July 2021 Sumner County Market Report

Demand for our area remains high, and it’s having a positive effect on prices.

Prices are continuing to rise. Last month in Sumner Co. our inventory went down not up. Agents are seeing a few less offers and more days on the market before receiving multiple offers. With schools in full swing more homeowners are settling in and realtors have seen a slight slow down in bidding wars.

Despite rising prices, homes continue to move fast.

We did see a slight slow down of multiple offers this past month. I am also noticing more homes with a price decrease lately on the MLS. Out of 384 homes that sold last month in Sumner Co only 57 homes sold under list price, that means that all the others sold at or ABOVE listing price. I’m here to tell you that the majority sold above, a few even 50K to 100K more.

 Buyers are searching now, and we expect competition to stick around. 

Buyers–HANG IN THERE, here’s why. 1.) Long term benefits outweigh the short term challenge. 2.)Today’s low interest rates will not last forever-rates predicted to increase in the early  part of next year 3.) Experts agree that home prices are forecast to rise 4.) Homeownership improves quality of life 5.) Typically rent fluctuates about 1% from month to month but in May and June rent increased by 3.2% in some places according to realtor.com. Monthly rents are higher than the average mortgage. Save those recent stimulus checks given and ask me about setting you up with a lender that can get you going in the right direction with homeownership.

Real Estate Market Highlights: SUMNER COUNTY

Single-Family Home Stats  2020 YTD 2021 YTD 2020 vs. 2021 Analysis
Homes for Sale 1231 538 ↓68.1% Slight decline in Inventory since June 2021 by about 100
Months Supply 3.7 1.3 down

64.9%

Fewer homes on the market means new listings gain traction. We will remain a sellers market for at least the next 2+ years
Closed Sales 453         370   ↓down 18.3% We actually showed a decline in sales from last month but proof shows that homes sold for more than list price

SimpliHOM Realty  OFFICE: 855-856-9466

Website: AmberCarlson.Com  Lic#306652