East TN Market Update Sept 2024

[Cory King]

Market in a Minute

• East Tennessee home sales increased 5.2% from the previous month, and increased 9.3% from a year ago.
• The median sale price was $374,950 — up 7.13% from the previous year.
• Total housing inventory increased from the previous year – up 43.2% from a year ago.
• Half of the homes sold were under contract in 15 days or less, up from 9 days a year ago.
• 44.61% of homes sold for the asking price or above, with 23.72% selling for more than the asking price. 10.32% sold for at least $10,000 over asking and 4% sold for at least $25,000 over asking.
• The sale-to-list price ratio decreased from last month to 98% – down from 98.6% a year ago.
• New construction represented 13.28% of total home sales.

If you want to nerd out on the market here I'm always happy to chat. Hope this helps keep a finger on the pulse here.