Northeast Tennessee home sales roared back into record territory in June. Closings on residential resales were 40.9% better than May and up 9.9% from June last year. The average sales price was up 13% and a new record.
“June was the single best month our market has recorded since the Northeast Tennessee Association of REALTORS® (NETAR) began local market tracking with its Trends Report,” said NETAR President Kristi Bailey. “Our hot market just got hotter, and what was an already a strong seller’s market is even stronger,” she added.
There were 802 closings in June. The residential average sales price was $207,699. Single-family closings were 9.7% higher than last year, and the average price ($211,659) was 12% higher than last year. Townhome/condominium closings were up 12.8%. The average sales price ($151.737) was up 38.2% from June last year.
“New pending sales also saw a small increase,” Bailey said. “What did not increase was inventory. We had 2.7 months of inventory at the end of June.” Five to six months of inventory is the benchmark for balanced market conditions, she added.
The Coronavirus economic shock has taken a toll on local sales. At mid-year, there were 2,940 closings. That is 675 fewer than the first half of last year. “The opposite is the case with prices,” Bailey said. “The residential average sales price is 8.9% better than the year-to-date last year. The single-family average is up 7.5%, and the townhome/condo average is up 11.7%.”
The average single-family resale that closed in June was on the market for 103 days. The average was 72 for townhome/condo sales.
NETAR’s Trends Report reflects housing market conditions in Carter, Greene, Hawkins, Johnson, Sullivan, Unicoi, and Washington counties in NE Tennessee and Scott, Lee, Wise, and Washington counties in SW Virginia. It also includes market data from the region’s primary city markets.
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