Northeast Tennessee Real Estate Reaches Record Prices As Sales Decrease
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The Tennessee Conservative [By Jason Vaughn] –
Home sales in Northeast Tennessee decreased in the month of May, but real estate prices also reached a record high in the month, according to the Northeast Tennessee Association of Realtors (NETAR).
NETAR released a report that showed the average listing price for homes has increased each month in 2022, with the median price for May coming in at $19,000 above the median cost in April. The typical sales price for May was over $30,000 more than in April.
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“While it’s inevitable that rising prices will slow down in the coming months, it hasn’t happened yet,” said Rick Chaney, President of NETAR. “Many of the metrics NETAR uses for monthly reports show declines compared to last year.”
Chaney continued, “But last year was the strongest local housing market anyone can remember. Month-to-month comparisons tell a story that in some ways is typical of the peak home buying and selling season.”
NETAR did note that 138 fewer closings have been done in 2022 than in the same months of the previous year.
“From a trend perspective, we’re seeing sales decline and continued price increases,” said Chaney.
101 properties sold for over $500,000, causing the median price to be skewed by the high sales.
Inventory was also down in May, with fewer houses available than in a normal, balanced market. Homes were typically on the market for an average of 43 days, and most listings were under contract within about two weeks.
According to Redfin, this trend is seen statewide. The price of homes has risen nearly 25% in the past year, but home sales in Tennessee have dropped by about 4%.
About the Author: Jason Vaughn, Media Coordinator for The Tennessee Conservative ~ Jason previously worked for a legacy publishing company based in Crossville, TN in a variety of roles through his career. Most recently, he served as Deputy Director for their flagship publication. Prior, he was a freelance journalist writing articles that appeared in the Herald Citizen, the Crossville Chronicle and The Oracle among others. He graduated from Tennessee Technological University with a Bachelor’s in English-Journalism, with minors in Broadcast Journalism and History. Contact Jason at news@TennesseeConservativeNews.com
