NE Tenn. housing market shift showing up
Uncertainty took a toll on NE Tenn. home sales last month. April’s sales were down 18 (2.2%) from March and down 58 (6.5%) from April last year. Year-to-date sales were down 95 (3.3%) from the first four months of last year.
The $220,000 median sales price was down 3.5% ($5,815) from March but hung onto the double-digit year-over-year increase pace. It was up $26,500 (13.7%).
Another noteworthy marker is the median sales price vs. the median listing price. It was down $39,900. The difference was $14,085 in March. That doesn’t mean droves of buyers are backing off. Competition for the best properties continues to be strong. And neither multiple offers nor over-list price offers have gone away.
While some sales were sluggish when compared to last year, that wasn’t the case at the top-end of the market. Sales of homes in the $500,000 and up price range were up 53.5% from last year. And sales in the $300,00-$400,000 sweet spot were up 18%.
April’s Home Sales Report is an example of that National Association of Realtors Chief Economist Lawrence Yun described in his talk at last week’s Residential Economic Issues and Trends Forum. He told Realtors there are significant questions regarding the housing sector’s direction over the coming months. Headwinds include inflation, inventory, mortgage rate increases, and escalating fuel prices caused by the Russia-Ukraine war.
Although inventory is still stubbornly tight, April’s report offered an encouraging sign. New listings are beginning to increase, and they outnumbered new accepted contracts.
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