By DON FENLEY

Don’t be surprised if the local housing market catches its breath during the last half of the year. Sales have been softening for a year, but the stage is set for a pause, or slight reversal, of that trend.

The two primary triggers are:

• The FED’s decision to make its first interest rate cut in four years. A trickle down cut in mortgage rates, which are now at their lowest point this year, is a given. Rate changes always move the market.
• Inventory is still historically tight, but softer sales have allowed it to increase. Currently, it’s 40% better than this time last year. That gives buyers who have been on the sidelines more choices.

Buyers, or their agents, are going to have to do some searching for the best deals in a specific price range because inventory and days on market vary by community.

According to the August TCI Group Annualized Home Sales Tracker, the long-term sales trend hasn’t dramatically changed. In fact, it has declined for the past two months as the overall market continues stabilizing toward a pre-pandemic level.

Another noteworthy point singled out by the tracker is 74% of all the home sold during the 12 months ending in mid-August were in the $100K-$399,999K affordable range. The largest number of sales were in the $200K-$299,999K price range.

Here’s a capsule view of sales by submarkets:

BRISTOL, VA

The Median Days Homes on Market is 12. This indicates homes are selling quickly.

The List to Sold Price Percentage is 96.5%, so homes are selling close to their listing price.

BRISTOL, TN

The Median Days On the Market is 3 days.

The List to Sold Price Percentage is currently sits at 97%. This shows that, on average, homes are selling for 97% of their listing price.

GREENEVILLE

Despite an increase in inventory, homes are still selling relatively quickly, with a Median Days Homes are On the Market at 13.

The List to Sold Price Percentage is at 97%, which indicates a relatively balanced market where buyers and sellers are negotiating prices fairly.

KINGSPORT

Homes are selling relatively quickly with a median of 19 days on the market. This quick turnover time could be attributed to the high list to sold price percentage of 98.6%.

JOHNSON CITY

There has been a significant increase in the months of inventory over the past year, indicating the market is seeing a greater number of homes being listed compared to the rate at which they are being sold.

Despite the increase in inventory, homes are selling quickly with a median of only 8 days on the market. This suggests that there is still a high demand for homes in this market.

For buyers, the median sold price in this market is $313,000. This provides a benchmark for what they can expect to pay for a home in this area.

Data sources, TCI Group Home Sales Tracker, Northeast Tennessee Association of Realtors, Realtors Property Resource and CoreData.

Categories: REAL ESTATE