East Tennessee Real Estate Market Stats | May 2024

In the ever-evolving world of real estate, staying informed about current trends and market dynamics is crucial for both buyers and sellers. Whether you’re considering buying your dream home or preparing to sell your property, having a clear understanding of the latest developments can help you make informed decisions and navigate the process with confidence.

Join us as we delve into the latest statistics and insights, providing you with valuable knowledge to guide your real estate journey. Whether you’re a seasoned investor or a first-time buyer, there’s something for everyone in this comprehensive overview of today’s real estate trends in East Tennessee. Let’s dive in!

New Listings:

If the data feels like déjà vu from 2019, you’re not far off. We’re seeing a return to “normal” in terms of new listings hitting the market. This influx of fresh properties might just be the nudge some hesitant buyers need, especially with prices and interest rates on the rise. For those consumers have put your home search on hold – your dream home may have entered the market since you last searched properties.

Active Listings:

Since January, the number of homes available for sale has been steadily climbing. This means buyers have more options than they did this time last year. While it’s great news for buyers, sellers may need to step up their game to stand out in a more crowded market.

Sales Pending:

Looking at the pace of pending sales, it seems like 2024 could outshine 2023 in terms of sales activity. It’s a positive sign for the market, reminiscent of the spike in activity we saw back in May 2020 during the Great Migration.

Closed Units:

Unlike the uncertainty that plagued last year’s market, 2024 is proving to be more stable. The closing rate is consistent, reflecting a market that’s found its rhythm and isn’t showing signs of panic.

Months of Supply:

With just under 4 months of supply, we’re finding a balance between new listings and sales. While it may seem high compared to before, it’s a sign that the market is leveling out, neither favoring buyers nor sellers too heavily.

Median Sales Price:

May saw the usual uptick in prices typical of spring and early summer. Despite the increase in listings, demand remains strong, driving prices up. However, we’re approaching a point where supply is catching up to demand, tempering the rapid price growth of previous months.

Average Days on Market:

As expected, days on the market decrease during the busy selling season, dipping below the 40-day mark in May. It’s a reflection of healthy buyer demand and a market where homes are selling relatively quickly.

In summary, while the real estate market may seem reminiscent of past years, there are nuances worth noting. Understanding these trends can help both buyers and sellers navigate the current landscape with confidence. If you have questions about this data or anything else related to real estate, let’s find some time to chat!