East Tennessee Real Estate Market Update – March 2025
Spring is finally here, and with it comes some exciting momentum in the East Tennessee real estate market! If you've been thinking about buying or selling, here's what happened in March — and what it could mean for you.
Home Sales Are Picking Up
After a slower start to the year, home sales in East Tennessee jumped 12% in March compared to February. That’s a solid bounce back and a great sign of more activity heading into the warmer months. Although overall sales for the first quarter were still down 3% compared to this time last year, March's surge is a hopeful sign of better days ahead.
Prices Are Still Rising, But So Is Inventory
The median sale price in our area hit $375,000, which is up 7% from last March. That tells us demand is still strong — especially for well-maintained and move-in-ready homes.
The good news for buyers? Inventory is growing. There are 25.6% more homes on the market now than there were a year ago, which gives buyers more options and helps relieve some pressure on pricing.
Homes Are Taking a Bit Longer to Sell
In March, half of all homes went under contract in 35 days or less — a noticeable slowdown compared to just 21 days this time last year. It’s still a fast-moving market, but buyers are taking a bit more time, and that’s not a bad thing. It creates room for thoughtful decisions rather than rushed ones.
How Competitive Is the Market?
Competition is still there — especially in popular neighborhoods and price points. In March:
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42.5% of homes sold at or above asking price
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19.2% sold for more than asking
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7.6% sold for $10K or more over asking
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2.3% sold for $25K or more over
The average sale-to-list price ratio came in at 97.4%, which is slightly lower than last year (97.9%), but still shows strong buyer demand overall.
New Construction Is on the Rise
One standout trend? New construction made up 16.3% of total sales last month. That’s great news for buyers who want something move-in ready with modern features — and often less competition than resale homes.
What to Expect Next
With 2,797 new listings hitting the market in March and pending sales hitting their highest level since August 2022, we’re heading into spring with solid momentum. While factors like mortgage rates and economic uncertainty might still make some buyers cautious, the growing inventory could help ease affordability concerns and open up more opportunities.
Bottom Line:
Whether you're buying, selling, or just watching the market — things are moving. More homes, more choices, and a bit more breathing room for both sides of the table.
If you want to talk about what this market means for you and your real estate goals, I’d love to help. Let’s chat!
