If you’ve been thinking about buying or selling a home, you’ve probably noticed that the housing market

feels a little different these days. Homes aren’t necessarily selling as quickly as they once did, mortgage rates continue to challenge buyers, and sellers are having to be more realistic about their asking prices.

But there’s some encouraging news, especially here in Northeast Tennessee. While the housing market is adjusting, people are still buying homes, and buyers are beginning to see more choices and opportunities than they’ve had in recent years.

According to the National Association of REALTORS® (NAR), existing-home sales across the country increased 1.5% in September compared to August. However, sales remained 2.2% below September of last year. Higher mortgage rates continue to be a challenge, but increasing inventory is giving buyers more room to negotiate.

Here at home, our September housing numbers tell an interesting story.

According to the Northeast Tennessee Association of REALTORS® (NETAR) September 2026 Home Sales Report, which includes Northeast Tennessee and Southwest Virginia, 717 homes closed during September. That’s a slight increase of 0.7% compared to September 2025.

While that increase may seem small, it tells us something important. Despite concerns about mortgage rates and affordability, buyers are still making decisions and moving forward with home purchases in our region.

One of the most encouraging changes is the number of homes available for sale. In September, our region had 2,880 homes on the market, a 7% increase over last year. New listings also increased 5.1%, with 984 homes coming onto the market during the month.

For buyers, that’s welcome news.

Over the past several years, many buyers have experienced the frustration of finding a home they liked, only to discover it was already under contract or that they were competing with multiple offers. With more homes available, buyers may have a little more time to explore their options and make thoughtful decisions.

We’re also seeing homes take longer to sell. The median time on the market in September was 74 days, compared to 70 days a year ago.

That doesn’t mean something is wrong with the housing market. It means the pace is changing, and in many ways, that’s creating a more balanced environment for buyers and sellers.

Another important change is what we’re seeing in home prices.

The average sales price in our region during September was $329,732, down 2.33% from a year ago. The median sales price was $290,000, a decrease of 1.69%.

That’s an interesting contrast to the national housing market, where the median existing-home price increased 1.3% over the same period.

For buyers in Northeast Tennessee and Southwest Virginia, these local numbers may offer some encouragement. While housing affordability remains a challenge, the modest decline in sales prices, combined with more homes available for sale, could provide opportunities that weren’t there a year ago.

Of course, mortgage rates remain a major part of the conversation.

According to Freddie Mac, the average 30-year fixed mortgage rate reached 7.4% during the week ending October 8, compared to approximately 6.3% a year earlier.

On a $300,000 mortgage, that difference can add roughly $220 to the monthly principal and interest payment. For many families, that’s enough to affect what they can comfortably afford.

And that’s why it’s so important for buyers to look beyond the asking price and understand the full cost of homeownership.

For someone purchasing their first home, that may mean considering a smaller property, exploring a different neighborhood or looking at communities outside our larger cities. Northeast Tennessee offers a wide variety of housing options, from Johnson City, Kingsport and Bristol to Greeneville, Elizabethton, Rogersville and the surrounding rural communities.

Sometimes finding the right home means being willing to look a little farther down the road.

For sellers, today’s market also requires a different approach.

When homes were selling almost immediately, some sellers could put their property on the market with little preparation and still receive considerable interest. Today, buyers have more options, and they’re paying closer attention to price, condition and value.

That makes pricing a home correctly from the beginning especially important.

A home that’s priced appropriately and presented well can still attract serious buyers. But sellers need to understand that the market has changed, and what worked two or three years ago may not work today.

The good news is that homeowners have generally built substantial equity over the past several years. Nationally, distressed sales, including foreclosures and short sales, accounted for only 2% of transactions in September, according to NAR. That’s an important reminder that a slower housing market doesn’t necessarily mean an unhealthy one.

What we’re experiencing is a market where buyers and sellers are having to adjust their expectations.

And that isn’t necessarily a bad thing.

Buying or selling a home is one of the biggest financial decisions most people will ever make. Having time to consider options, ask questions, negotiate and make informed decisions can benefit everyone involved.

One thing I always encourage people to remember is that real estate is local. National headlines provide valuable information, but they don’t always reflect what’s happening in our communities.

Our September numbers are a good example. While home prices nationally increased, our region experienced modest declines. While national home sales were down compared to last year, our local sales were slightly higher.

That’s why working with a REALTOR® who understands our local market is so valuable. Whether you’re buying your first home, moving into something larger, downsizing or selling a property you’ve owned for years, having someone who understands local pricing, inventory and market conditions can make a real difference.

As we head further into the fall season, I believe there’s reason to be cautiously optimistic about our housing market.

We have more homes available, buyers have more choices, and sales are continuing despite higher borrowing costs. Sellers who price their homes realistically and buyers who understand their budgets can still find success.

The housing market may be changing, but the reasons people buy and sell homes haven’t changed. Families grow, jobs change, people retire, and new opportunities bring people to our communities.

And here in Northeast Tennessee, we’re fortunate to live in a region that continues to offer a wonderful quality of life and a place people are proud to call home.

The key is understanding today’s market and making decisions that are right for you.

Sources: Northeast Tennessee Association of REALTORS® (NETAR), September 2026 Home Sales Report, based on TVRMLS data retrieved October 14, 2026; National Association of REALTORS®, “Home Sales Eke Out Uptick, But Mortgage Rate Threat Looms,” Melissa Dittmann Tracey, October 13, 2026; Freddie Mac mortgage rate data as cited by NAR. ChatGPT. The Northeast Tennessee Association of REALTORS® encourages consumers to work with trusted real estate, financial, and legal professionals when buying or selling property. For legal advice, consult a Tennessee-licensed attorney.