The East Tennessee housing market is starting off 2022 with 20% less inventory than a year earlier. In addition, the number of newly listed East Tennessee homes for sale fell 6.7% year over year.
We’re kicking off yet another year with a whole lot of buyers whose home search has been going on for months, and they are as eager to buy a home in East Tennessee as ever. This month, the stage will be set for the 2022 housing market, and we’ll be closely watching whether prices climb like they typically do in January or whether they start off high and then slow down due to rising mortgage rates.
Over the last year, the median home sales price in East Tennessee rose 20.16% year over year to $279,000.
Homes with a Knoxville, TN address saw prices rise 17.41% to $290,000.
Farragut, Tennessee, a higher-priced suburb saw median homes prices increase 26.6% to $524,750.
We also saw the average price per square foot of a home sold in East Tennessee rise from $146.62SF to $179.22 year over year.
Both pending and sold homes in East Tennessee witnessed increases. Year over year there was a 6.4% increase in homes pending sales and an 8.5% increase in homes sold.
Another result of the low inventory/high demand conditions is the decrease in the median number of days a home that sold in East Tennessee sat on the market. A year ago, this number was at 13 days, but during the four-week period ending December 31st, it was only 5 days days. A 61.54% decrease!
Homebuyers, however, do have some reasons to be optimistic. While we can’t expect prices to decline, as we head into spring, agents are expecting more listings to come on the market.
Have questions? Want to talk about buying or selling a home in East Tennessee? Call/Text the Troy Stavros TEAM at CornerStone Realty Associates today at 865-999-09825.