GRAY — Northeast Tennessee’s housing market again surged into uncharted territory in September, according to a report from the Northeast Tennessee Association of Realtors (NETAR).
NETAR said 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,” NETAR President Kristi Bailey said. “Since the sharp June rebound from a two-month lull when the coronavirus pandemic hit, the local market has seen a plethora 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.”
There were 870 residential closings in September, according to NETAR’s monthly Home Sales Report. That’s an increase of 24.6% from September last year.
The average resale price was $218,438, up 20.7% from last year.
Home inventory in region
The 11-county region monitored by the Home Sales Report had 2.3 months of inventory last month, down from 4.3 months of inventory this time last year.
Average time on market
The average single-family resale that closed in September was on the market for 94 days. The time on market for a condominium/townhome resale was 60 days. Both are record lows.
Sellers approved 895 new contracts in September, a 48.2% increase from last year. Comparing the new contracts to new listings illustrates demand in the region. There were 886 new listings, so pending sales again outnumber new listings.
Bailey said it doesn’t look much like the cooler fall weather will chill the market surge in the short term.
Average listing price
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.