Local sellers continue increasing listing prices
Tri-Cities area home sellers haven’t signed onto the reducing prices trend that is beginning to get a lot of media attention. That doesn’t mean there are no local examples of price reductions. That happens despite the market conditions. But overall local sellers have increased their listing price every month this year. And most of them are getting what they ask – some a little more. The exception is cash sales.
So, if sellers increasingly cutting their asking prices is a national trend, why isn’t it showing up here?
There’s a good chance it will show up later this year, but so far, the hyper-local market is not tracking with the national trend. It’s not tracking because most of the data for the national trend comes from large metro areas that sometimes doesn’t reflect current local conditions. That’s why it’s important to rely on local market information rather than what is seen or heard on mass media reports.
So far this year, the influx of new residents, organic pent-up local demand, and increased investor activity have kept the local home prices in a growth mode. And although the sales growth rate is trending lower, the bottom line is still solidly in the growth column.
Realtors and local lenders report the market is beginning to feel a little different. Some of the frenzy is coming off the pace. That “feel” just hasn’t shown up in the data yet.
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