Hello, Farragut residents and prospective homebuyers! I’m Troy Stavros, and today, I’m here to provide you with a detailed update on the Farragut, Tennessee housing market. Our analysis covers the latest data up to the end of November, including active data through the last Friday, ensuring you have the most current insights at your fingertips.
Year-Over-Year Market Trends: The Farragut housing market has experienced some notable shifts over the past year. Let’s delve into the key statistics:
Home Sales: There’s been a 25% decrease in home sales compared to the previous year. This downturn reflects a changing market dynamic that potential sellers and buyers must consider.
Pending Sales: Pending sales have decreased by 14.3%. This slowdown indicates a shift in buyer activity and market demand.
Inventory Increase: Interestingly, the inventory of homes in Farragut has risen by 32.8%. This increase offers more options for buyers but also signals a competitive environment for sellers.
New Listings: New listings have decreased by 8.8%. This reduction in new listings could impact the market’s fluidity and the availability of choices for potential buyers.
Absorption Rate: The absorption rate, which indicates how quickly homes are sold in the market, has slightly decreased. The current inventory stands at just over two months’ worth, with a rate of 2.16 compared to 2.25 last month.
Conclusion: The Farragut housing market is undergoing some interesting changes, with a mix of increasing inventory and a slowdown in sales. Whether you’re looking to buy or sell in Farragut, these insights can help you make informed decisions. Stay tuned for more updates as we continue to monitor the market’s progression.
Contact Information: For personalized advice and further information on the Farragut housing market, feel free to contact me, Troy Stavros, your local real estate expert at 865-999-0925. Together, we can navigate the complexities of this dynamic market to meet your real estate goals.