News
October 14, 2019

September existing homes sales up 21.2%, avg. sales price up 8.3%

Almost 700 Tri-Cities area residential home sales closed last month, a 21.2 percent increase from September last year. The average sales price was a little softer than it was in August, but 8.3 percent higher than last year, according to the Northeast Tennessee Association of Realtors (NETAR).

Single-family home sales were up 23.8 percent from last year and sold for an average price of $184,098, up 8.3 percent from last year.

Townhome and condominium sales were down 8.5 percent from last year and sold for an average of $132,993, down 1.6 percent from last year.

Inventory – especially listing in the $200,000 and below price range – continue to be the biggest challenge, said NETAR President Karen Randolph. “Demand is high,” she said. “The pinch is inventory. Last month we had a 3.3-month supply of listings.” We are seeing a small increase in new listings, but at our sales pace, it is not helping the inventory big picture very much, she added.

The nine-month residential sales trend was 4.5 percent better than September last year, said NETAR Data Analyst Don Fenley. The single-family trend is up 4.8 percent from the first nine months of last year, while the average sales price is a 6.3 percent improvement. The townhome sales trend is 2.3 percent higher than this time last year, and the average sales price is up 3.1 percent.

September’s year-to-date residential sales volume also exceeded $1 billion, Fenley said. “That’s the earliest the local market has passed that benchmark.” The annual existing home sales volume has exceeded a billion dollars every year since 2016.

The median time on market for a September closing was 74 days, according to Realtor Property Resource (RPR).

NETAR’s Trends Report capsules housing market conditions in Carter, Greene, Hawkins, Johnson, Sullivan, Unicoi, and Washington counties in NE Tenn. and Scott, Lee, Wise, and Washington counties in SW Virginia. It also includes market data from the region’s primary city markets. City and county market share, year-over-year and year-to-data closings and average sales prices can be found on the NETAR web site’s market analytics page at https://netar.us/market-analytics

 

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