Mobile Home Sales Stagnant, Prices Up

Don Fenley 

Mobile home sales were stagnant last month, but the effects of a slower market were as clear as they were with stick-built homes.

There were 43 sales, down one from this time last year.

The average sales price was $215,000, up from $204,395 last November.

The average list price was $243,233 and what sellers were asking spiked $30,626 from the sellers were asking during Nov. last year.

Here’s where the market effects kicked in.

Sellers reduced their original list price on 19 of the homes that sold last month. They knocked off an average of $29,323 compared to the average list reduction of $20,238 last year.

Before closing, sellers gained ground. They stripped and average of $13,163 off the list compared to the average of $18,694 last year.

 Cash sales dropped to nine from 14 last year.

So far this year 509 mobile homes have been sold.

The outlook for new and existing mobile homes is generally positive, driven by the increasing need for affordable housing, increasing cost of new homes, lack of inventory and the price of existing single-family homes, and a growing consumer interest in more sustainable and cost-effective housing. The primary headwinds to this trend are related to land availability, financing, and zoning.

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 1,800+ 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