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
|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