September Northeast Tennessee Home Sales – Prices Surge to New Highs
The local housing market again surged into uncharted territory in September. Residential closings and the average sales price hit all-time highs while inventory and mortgage rates remained at all-time lows.
“September is typically when the market begins its seasonal slowing, but nothing is typical about 2020,” said NETAR President Kristi Bailey. “Since the sharp June rebound from a two-month lull when the coronavirus pandemic hit, the local market has set lots of new records. To name just a few, listing prices, sales volume, sales prices, time on the market, and pending home sales have set new benchmarks. It’s a statement about the resilience of the local market in this unusual and volatile year.”
According to the Northeast Tennessee Association of REALTOR® (NETAR) monthly Home Sales Report, residential closings totaled 870, up 24.6% from September last year. More importantly, to the individual, is the average resale price is up 20.7% to $218,438. The 11-county region had 2.3 months of inventory last month, down from 4.3 months of inventory this time last year. The average single-family resale that closed in September was on the market for 94 days. The time on the market for a condominium/townhome resale was 60 days. Both are record lows.
Comparing the new contracts to new listings illustrates demand in the region. Sellers accepted 895 new offers in September, a 48.2% increase from last year. There were only 886 new listings, so pending sales again outnumber new listings.
Bailey said, “It does not look much like the cooler fall weather will chill the market surge in the short term.”
September’s average listing price was $292,077, up 12.5% from last year, and the median listing price was $207,333, up 13.8% from last year.NETAR’s Home Sales Report reflects 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.