November home sales down, but it’s still a hot seller’s market

Sales were down slightly from October but up 22.7% from last year. The average resale price was $222,142, up 26.7 percent

After an expected minimal seasonal slowdown, Northeast Tennessee and Southwest Virginia home sales were 22.7 percent higher than November of last year.

“The changing season may have made a difference in the weather, but the market is still hot,” NETAR President Kristi Bailey said. “So far this year, over 8,000 existing home sales have closed. That is a 6% increase over the first 11 months of last year and higher than any previous annual total. Prices also continued to increase at a double-digit rate, and consumer demand remains strong.”
 
According to the Northeast Tennessee Association of Realtors Home Sales Report, the 773 closings last month were down slightly from 821 in October but up from 630 in November 2019. The average resale price was $222,142, up 26.7%. The median sales price was $180,000, meaning half of the sales were above that price. The 59-day median consecutive time on the market for a resale that closed in November increased two days from October. The inventory made another drop to an all-time low last month. There were 1,498 active listings.

“The amount of inventory we have currently calculates to a 2.1 month supply of homes on the market, which is half of what it was this time last year. This strong seller’s market is not easing up as we move into the last month of the year,” Bailey said. “Both sales and price appreciation have already set records, and it looks like 2021 will be more of the same. Buyers must come into this market with their eyes wide open. They should have their best-possible offer ready and expect to compete in a multiple offer environment.”Sellers accepted 860 new contracts in November, up 56% from last year.

November’s average listing price was $295,878, up 14% from last year, and the median listing price was unchanged from October at $199,900, up 11.5% from last year.