East Tennessee Market in a Minute

[Cory King]

Market in a Minute

• East Tennessee home sales declined 18.9% from the previous month, and decreased 9% from a year ago.
• The median sale price was $375,000 — up 7.58% from the previous year.
• Total housing inventory increased from the previous year – up 41% from a year ago. Super needed.
• Half of the homes sold were under contract in 13 days or less, up from 7 days a year ago.
• 46.11% of homes sold for the asking price or above, with 23.4% selling for more than the asking price. 12.3% sold for at least $10,000 over asking and 4.04% sold for at least $25,000 over asking.
• The sale-to-list price ratio decreased from last month to 98.2% – down from 99% a year ago.
• Knoxville having the fastest-rising property prices in the country over the last five years, with median home listing prices rising 83%.
• New construction represented 13.6% of total home sales.
• With an increase in units over the past year we have seen the occupancy rate moderate at 95.9% down from the high of 98.9% in 2022.

If you want to dive deeper into specific areas I'm happy to nerd out.