GRAY — Northeast Tennessee’s housing market continued its robust recovery from the initial COVID-19 economic shock in August, according to a report released by the Northeast Tennessee Association of Realtors (NETAR).
Home sales were up 9.4%, and the average sales price was an 8% increase from August last year.
There were 792 resale closings — 68 more than last year. The average sales price of $212,079 was a $15,626 improvement over last year.
Townhome/condominium resales were unchanged from last year. There were 61 closings, and the average sales price was $146,998, up 4.5% from August last year.
“Our housing market has continued its record-breaking pace in an economy that in many ways is struggling to regain its footing,” said NETAR President Kristi Bailey. “And since sellers accepted a record number of new contracts, it looks like September will be a record-level quarter.”
The 11-county region monitored by NETAR’s Trends Report had 2.4 months of inventory in August. Five months is the minimum for balanced real estate market conditions.
“There was a small increase in new listings that came on the market in August, but inventory continues to be absorbed as fast as it appears,” Bailey noted. “The number of active listing was down 44% from August last year. Homes also spent less time on the market than they have during any other month since 2008. The average single-family resale that closed last month was on the market for 98 days. The average time on the market for a townhome/condo resale was 64 days. And those are averages skewed higher by the homes that linger on the market. Half of all closings were on the market 57 or fewer days.”
Sellers continue to call the shots in a market that is outperforming historical standards. August’s average listing price was $294,908, up 14.6% from last year. The median sales price was $180,000, up 12.5% ($20,000) from last year.
NETAR’s Trends Report reflects housing market conditions in Carter, Greene, Hawkins, Johnson, Sullivan, Unicoi, and Washington counties in Northeast Tennessee and Scott, Lee, Wise, and Washington counties in Southwest Virginia. It also includes market data from the region’s primary city markets.