September 2020 Sumner County Market Report

SEPTEMBER 2020 MARKET REPORT

Ready to maximize the equity in your Sumner County home and move up to your dream home, but not sure where to begin?

If you’re like most people, this is one of your largest financial assets, so you want to make sure that you’re getting the highest possible price when it’s time to sell. 

This requires an understanding of our local market and where your home fits into the landscape. As you consider making a change, here are the top things you should know:

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

Earlier this year, the Federal Housing Finance Agency (FHFA) released its latest Home Price Index, which showed that home prices rose by 6.5% this year nationwide. Prices in Sumner County are rising even faster! The median price year to date is $307,000. This represents a 10.4% increase from $278,000 during the same period in 2019.

In order to capitalize on this growth, homeowners should prioritize strategic pricing and marketing from the very beginning. Improper pricing or lackluster marketing can cost both time and money.

Despite rising prices, homes continue to move fast.

Thanks to a healthy appetite for homes in our area, well-prepared properties don’t sit on the market for long. This year, the average days on market have remained exceptionally low at just 18 days. This was a massive 52.6% decrease from 38 days during the same in 2019.

The last thing you want is for your listing to linger on the market for too long due to under-preparation or mispricing. Even in a strong sellers’ market, having a proven approach is critical to achieving the results you deserve in a timely manner. 

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

With the holidays approaching, buyers are feeling the pressure to pounce on the right home, making this an excellent time for new homes to hit the market. With my strategic listing preparation and marketing plan, my clients get the highest possible price in the fewest days on market.  

As a homeowner, what does this mean for you? 

If you’re thinking about selling your home in the next 12 months, now is the time to get a plan in place

Sumner County Market Highlights:

Single-Family Home Stats

September 2019 YTD

September 2020 YTD

2019 vs. 2020

Analysis

Median Sale Price

$278,000

$307,000

up 10.4%

With prices on the rise, it’s critical to price your home correctly from the very beginning to generate strong offers.

Average Days on Market

38

18

down 52.6%

Average days on market for residential homes are exceptionally low, at 18 YTD compared to 38 days in 2019 YTD. Having a proven marketing strategy is a great way to capitalize on the flourishing demand in our market.

Number of Active Listings

1924

1565

down

18.7%

Homes are selling fast, often with multiple offers, and it’s starting to chip away at our inventory. With fewer homes on the market, it’s easier for new listings to gain traction.

Median Price per Square Foot

$138

$148

up 7.2%

Sumner County continues to attract relocation residents from the West and North. This causes space to sell at a premium, now at $148 sq. ft. YTD, up from $138 during the same period in 2019.