2017 Sumner County Market Looks Strong
By: Kari Powell
Local REALTORS® and lenders predict a strong finish to the real estate market in 2017 and an even more robust future in 2018 that is characterized by increases in both home sales and prices experienced in the last two years. In our area of Sumner County, agents predict a brisk fall finish and look forward to spring sales which is typically the time when more listings become available, and when they expect at least some easing of current inventory shortages.
With low months supply of inventory at 2.8 months, meaning if no new homes came on the market we would be out of homes to sell in less than three months, the potential for multiple offers is strong.
The average days on market in 2015 was sixty-four days and is at thirty-nine days as of June 2017. Sumner County has seen an increase of sales price at a rate of 23.5 percent since 2015. The average sales price was $232,331 in June 2015 and has risen to $286,958 as of June of 2017. Williamson County has seen a rise of 11.5 percent with an average sales price of $525,455 compared to $471,196 in 2015. You can get a lot more bang for your buck in Sumner County and make a higher rate of return on your investment which is appealing to many savvy buyers moving to the greater Nashville area.
Some of the perks to living in Sumner County are Old Hickory Lake, great parks, our public school system, a strong job market and the family-friendly environment.
All of this means buyers, especially those who want to live close to Nashville, are advised to do their homework, get pre-approved by a reputable lender and be prepared to make a quick decision with your realtor to secure a home in this fast-paced moving market.
“To increase your buying power, have your commitment letter in hand when you submit your offer. Have your loan underwritten before you pick out a property and increase your purchasing power by offering to close in fifteen days or less,” says Kevin Long with CMG Financial.
If you are a homeowner who has been thinking about selling, now is a great time to call your agent about putting your home on the market. It is definitely a great time to sell your home in Sumner County. Your potential return on investment is at a historic rate in this competitive market!