Archive for May 2022
Local Condo Market Continues Strong Performance
The regional condominium/townhome market mirrors much of the existing home resales but with at least one notable exception. Listings are spending much less time on the market than single-family homes.…
Read MoreHonor America’s war dead by remembering all veterans
Fifty-one years ago, Memorial Day became an official national holiday. But it had been around much longer. Originally known as Decoration Day, its origins were in the wake of the…
Read MoreLocal land sales slowing down, but not prices
Vacant land prices are holding up well in a market that is slowing from last year’s torrid pace. April area sales were down 15.7%. Pending sales were down 1.6%. Active…
Read MoreCommercial real estate reports rate local economy’s performance
Last week’s National Association of REALTORS® (NAR) Commercial Real Estate Market Conditions Index affirmed local reports and added some high-level context about our market. The first bit of news wasn’t…
Read MorePending sales down, inventory shows slight increase
Higher mortgage rates, the continued lack of inventory, declining affordability, and inflation took a bite out of April’s pending sales. Sellers accepted 897 new contracts last month, down from 917…
Read MoreStrong fundamentals move local commercial market forward
The local commercial real estate (CRE) market continues moving forward despite higher interest rates and inflation. According to the Northeast Tennessee Association of Realtors (NETAR) and the National Association of…
Read MoreCash sales picking up as market begin shifting
Cash sales are increasing in the local market as they are nationwide. But unlike the national tenor, they are not setting all-time highs. Last month NE Tenn. – SW Va.…
Read MoreOdds are home price increase rate will slow but not decline
For five years, local home prices have been increasing faster than our historical average. It has been and still is a great time to be a homeowner, even though there’s…
Read MoreNE Tenn. housing market shift showing up
Uncertainty took a toll on NE Tenn. home sales last month. April’s sales were down 18 (2.2%) from March and down 58 (6.5%) from April last year. Year-to-date sales were…
Read MoreLike home prices, closing costs have also gone up
Competition for the right house, at the right price, at the best possible mortgage rate too often pushes planning for what happens at closing to the background. And it typically…
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