Housing market posts double-digit increases

The NE Tenn. – SW Va. housing market stayed on a double-digit increase pace last month.   

“January usually isn’t one of the stronger housing months, but this market is anything but usual,” Northeast Tennessee Association of REALTORS (NETAR) President Kristi Bailey said.  “While our super-tight inventory is beginning to squeeze sales, it’s not enough the knock them off their double-digit pace.  At the same time, the tight inventory and rock-bottom mortgage rates continue to put upward pressure on prices. The average price point for homes that sold that month was $37,264 higher than January last year.” 

There were 612 closings last month, up 73 from last year, according to the NETAR Home Sales Report.

The average resale price was $214,061, up 21.2%. The median sales price of $180,500, the price point where half of the sales were above and half were below is 22% higher than last year.

Inventory remains at an all-time low. There were 1,286 active listings last month. “That a 1.7-month supply of homes. This time last year, we had 3.6 months of inventory,” Bailey said.

The median time a sale that closed in January was on the market was 68 days – 18 days fewer than last year.  

“This remains a red-hot seller’s market, and we’re not even into the prime buying and selling season yet,” Bailey said. “Buyers should come into this market with their eyes wide open. They should have their best-possible offer ready and expect to compete in multiple offer situations.”

Sellers accepted 866 new offers in January, up 38.8% from last year.  The average listing price was $301,092, up 17.4% from last year.