As demand is high, house prices will decrease slightly

KNOXVILLE, Tenn. (WATE) – If you’re house hunting, the good news is that there are plenty of choices in East Tennessee.

Records kept by realtors show that the number of homes for sale in East Tennessee far exceeds the number of homes listed nationally. However, the average sales price was down slightly, but still up from last year. Perhaps the recent price gains are here to stay as demand for housing remains high.

At Coldwell Banker Wallace, Claudia Stallings, vice president of residential sales, says the local housing stock is very different from the national numbers.

“The report says inventory is up 2.4% nationally. Here locally, our inventory is up 6%, which should make buyers really happy. They have a lot more choices,” Stallings said. “That’s great. It means less competition for housing.” So, that’s over 4,000 active listings in June, so our current listings are growing and the ones we’re getting are still selling fast.

Recent sales numbers for the East Tennessee market remain strong. In total, Coldwell Banker Wallace sold 2,132 homes in June, according to Stallings.

“Looking at past years. What we see is, we’re down from 2021, but we’re ahead of past years as far as homes sold. That’s good because it means demand is still there. Consumers still want to buy homes and we’re finding that listed homes are still selling quickly. And looking at our last regular year , in June 2019, we sold about 1,750 homes,” Stallings said.

$326,500 is the median price of homes for sale in the Greater East Tennessee area.

“I expect prices to go up, but less quickly than we’ve seen. I think prices will probably slow down,” Stallings said.

The National Association of Realtors has tracked price increases over time. For the past 124 years, their data has consistently shown price increases.

“This is more than a decade. It’s the longest rate hike in history,” Stallings said.

The forecast is that home buyers and sellers can still expect an active market for the remainder of the summer and into early fall.

“Demand is still very high. “Coldwell Banker did a study and found that 67% of homeowners still haven’t found their dream home,” Stallings said.

In East Tennessee, people are still eager to buy a home, but we will likely see a more balanced market in the next six to 12 months, compared to the overheated market of the past 12 to 18 months.

Today, the 30-year fixed mortgage rate is around 5.5%, nearly double what it was a year ago, according to mortgage broker Freddie Mac. Right now, properties left on the market sell quickly within 20 days, but homes may be held up for sale as interest continues to rise.

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