The average price of a sold home in Putnam County has increased by about $80,000 since 2019.
Upper Cumberland Realtors Association President Kathy Dunn said that makes the current average $287,000. Dunn said these numbers indicate a very strong housing market.
“This is not a bubble this time,” Dunn said. “When the proverbial bubble burst back in 2008, we had four million homes on the market across the U.S. Today, we have less than a million. Here in Putnam County we have a less than three week supply of houses available.”
Dunn said experts are expecting low interest rates to stay steady for five more years. Dunn said she recommends people looking to buy should purchase now to guarantee good equity before a decline.
“They are all saying they expect this to hold out for the next five to six years,” Dunn said. “As we all know, that all depends on what inflation does, but if it holds steady and interest rates stay down, I guess I would have to agree with them. So, people that are waiting for something to happen, if I was them, I would go ahead and purchase now.”
Dunn said 1,228 homes have been sold in Putnam County in the past year. About a 200 home increase compared to 2019.
“We lost over 300 single family homes in the tornado last year,” Dunn said. “Between that and record low interest rate and people moving in here from all over the county, it makes our housing market even stronger.”