Each quarter I prepare a summary of performance by county, zip code and price range. It’s a simple tool that can help you see and compare the market based upon the area you are interested in.
Here are the key trends observed over the last quarter compared to last year:
Home prices are still rising, across the board, up an average of 7%.
Prices rose in every local county, except Sevier, where their market is heavily affected by lower over-night-rental sales.
Sales prices increased in 73% of the zip codes.
Only four of 22 zip codes had a price decline of more than 1%.
Sales were up in EVERY price-range except starter homes (those under $300,000) due to still high interest rates and climbing prices.
Homes under $200,000 are not only hard to find but need extensive work, evidenced by receiving only 92% of their asking price.
The majority of zip codes increased sales over last year.
The declining Sold/List Ratio indicates that sellers are negotiating more on price. On average, sellers are now getting just 96% of the original asking price.
The sales prices of homes in several zip codes (37771, 37804, 37921, 37924 & 37932) were negatively affected by competition from new construction homes. In fact, 57% of all homes sold in Hardin Valley were new construction.
And finally, Days on Market (DOM) is up substantially everywhere. On average it took an extra 10 days to sell which in many cases is triple the time as last year.
Overall, not a bad quarter considering we had a major election and rising mortgage rates. I’m starting to see some post-election optimism and am seeing some good signs in the market.
Click on the graphs below for clearer images.👇
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