Putnam homes sales decreasing, prices continue to rise

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By Michelle Price
UCBJ Managing Editor

PUTNAM COUNTY – The overall number of home sales may be on a downward trajectory, but median sale price and price per square foot are at record levels, according to data from Putnam County Assessor of Property Steve Pierce. 

Home sales hit a seven-month low in August with only 67 sales. The only month with fewer sales since January 2021 was January 2022 when sales plummeted to only 51 transactions. 

The sales slump isn’t limited to just this past month. Year to date home sales have dropped 10% this year with 766 home sales in the first eight months of 2022 compared to 844 in that same time-period of 2022.

Although the number of homes being sold has decreased, the median sale price has reached an all-time high of $390,497, an increase of over $100,000 (37.6%) above the median sale price in August 2021 of $283,816. 

The county’s record home prices are still among the more affordable nationwide with the nation’s median listing price declining to $435,000 from an all-time high of $450,000 in June.

The increase in median sale prices is mirrored by the median price per square foot. August 2022 set a record with the median price per square foot hitting $166.47, an increase of 22.7% over the August 2021 median square foot price of $135.68.

September home sales have yet to be determined but traditionally the month is one of the best times to buy a home.

Michelle Price is the managing editor of the Upper Cumberland Business Journal and can be reached via email. Send an email.

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