Listing price trend – the other side of housing market appreciation
Although listing price trends don’t get as much attention as sales prices, they are indicators that warrant some attention.
The average listing price in August was $345,866. That’s 21% higher than last year. Like the average sales price, that listing price is skewed by the increase of new listings in the top price ranges of the market.
Overall new listings were up 13.4% in August. Listings in the $400,000 to $500,000 price range were up 26%. Listings in the $500,000 and up range were up 71%.
So far this year, the $263,887 average listing price for residential resales is 14.5% higher than it was during the first eight months of last year. The market’s mid-point – the median listing price – balances the effect of the higher-priced listings. The year-to-date median is $194,000, up 16.9% from the first eight months of that year.
The takeaway from that comparison is the median listing price’s growth rate is higher than the average. It’s an affirmation that the post-pandemic housing economy has and continues moving the fundamentals for housing prices higher.
Last year the median listing price was 9.1% higher than it was in 2019. So far this year, it’s up 16.9%. The big difference is what sellers got as opposed to what they were asking. Last year the difference between the listing and sales price was 5.5%. This year buyers are giving up 3% of the median listing price.
NETAR is the voice for real estate in Northeast Tennessee. It is the largest trade association in the Northeast Tennessee, Southwest Virginia region, representing over 1,600+ members and 100+ business partners involved in all aspects of the residential and commercial real estate industries. Weekly market reports and information for both consumers and members are available on the NETAR website at https://netar.us