The consensus opinion among local realtors is that the Upper Cumberland housing market stands balanced as the national market cools.
Local Real Estate Agent Ashley Martin said there is an uptick in the number of houses that are now listed on the market. Martin said that with more houses for sale, the market has become favorable for buyers and sellers.
“This isn’t the frenzy that we saw the last few years, things have definitely evened out,” Martin said. “Buyers have a little more time to make decisions, but on the other hand, sellers are still seeing solid returns, especially when houses are well priced and well presented.”
Local Realtor Amber Flynn-Jared said the market working at a much slower pace than it was a few years ago. Flynn-Jared said she really likes where the Upper Cumberland’s housing market is currently at.
“This is that sweet spot in the market where it’s much better for the buyers, for the prices to continue to arrive at a slower rate, but it’s good for the sellers cause you are still making a good investment in real estate and seeing that return on investment,” Flynn-Jared.
Martin said the average time a house is on the market in the Upper Cumberland has increased from 100 days to 102 days over the past year. However, Martin said even though there are more houses on the market and more willing buyers, house prices continue to rise.
“The average sold price here in the Upper Cumberland is $350,000, and that’s compared to this time last year at $335,000, so we are seeing the average sold price continue to go up,” Martin said. “But it just doesn’t seem like it is because the houses are sitting on the market just a little bit longer than they were a couple of years ago.”
Flynn-Jared and Martin both said single-family houses are mostly what is being put on the market in the Upper Cumberland. Flynn-Jared said one reason buyers have been more active in the Upper Cumberland is because of stabilized interest rates. Flynn-Jared said stabilized interest rates have led to buyers adapting to the new norm and having buyer confidence.
“So we’re starting to see the numbers overall, just continue to stay strong and steady, with you know, marginal increases instead of crazy double-digit you know, increases month over month like we have been seeing,” Flynn-Jared said.
Some people may wait till the market shifts to a buyer’s market before coughing up the funds to buy a house. Martin said waiting for a buyer’s market is likely not the best idea, as prices will likely continue to rise rather than drop. Flynn-Jared said buying a house now is better than renting and waiting for a better market.
“Sure, we can look at statistics and look at things from a 3,000-foot view of the market, but at the end of the day you know, you gotta do the math on your personal budget and decide if you are renting for $2,000 a month, you know, at the end of a year lease you spent $24,000 that has gone to nobody’s bottom line except for the landlord. And there is a time and a place for renting, and you know I’m not against that by any means, but you gotta look at your individual wealth plan and the way that real estate fits into that.”