October home sales cool off, but still on record pace
Local home sales saw some seasonal softening, but it was not enough to pull the market off its record pace.
“October sales dropped 13.7% from September, but were 11.5% better than October last year,” NETAR President Kristi Bailey said. “So far this year, sales are running almost 4% stronger than the first ten months of last year. Consumer demand, as measures by new contracts and the median days on the market, remains strong.”
There were 821 residential closings in October, according to the Northeast Tennessee Association of REALTORS’ (NETAR) monthly Home Sales Report. The average resale price was $208,551, up 14.96% from last year. The region monitored by the Home Sales Report had 2.2 months of inventory last month, down from 4.5 months of inventory this time last year. The average number of days on the market was 100, down from 119 last year.
Sellers accepted 965 new contracts in October, a 44% increase from last year.
September’s average listing price was $291,053, up 13% from last year, and the median listing price was $199,900, up 11,1% from last year.
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