November 2024 East Tennessee Home Sales Update
Hey, friends! Let’s talk about what’s been happening in the East Tennessee real estate market this past month. If you’re thinking about buying or selling, here’s what you need to know!
Market Highlights:
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Home sales in East Tennessee went up 1.7% from last month and 2.2% from last year. So, things are still moving!
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The median sale price hit $375,000, which is 7.7% higher than last year.
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There are more homes on the market compared to last year – inventory is up 29%.
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Homes are taking a little longer to sell. Half of the homes went under contract in 21 days or less, compared to just 12 days last year.
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About 40.58% of homes sold for asking price or more, and nearly 20% sold above asking price.
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The sale-to-list price ratio (how much homes sell for compared to their list price) dropped a bit to 96.87%, down from 97.8% last year.
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New construction homes made up 15.37% of total sales.
What’s the Outlook? November saw a slight increase in home sales, and mortgage rates stayed under 7%, starting at 6.72% and dipping to 6.6% by the end of the month. Inventory is still going up, but at a slower pace. It’s normal for listings to drop a bit as we head into the holidays, and that’s exactly what we saw – active listings dipped 2% from October to November.
Knox County Market Snapshot:
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Home sales in Knox County were up 6% from last year and 2.7% from last month.
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Inventory rose 24% from last year and 1% from October.
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Most of East Tennessee saw a slight drop in available homes from November to December, which is expected for this time of year.
What This Means for You:
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If you’re buying, there are still more homes to choose from than last year, and prices are continuing to rise, so now could be a great time to find the right fit before they go up more!
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If you’re selling, homes are still moving, but you might need a little more patience than last year. Pricing right and making your home stand out is key!
If you have any questions about buying, selling, or just want to chat about the market, I’m always here to help. Let’s find your dream home! 🏡✨
