Home sales up, but prices move slightly lower in Northeast Tennessee

Hank Hayes • Jul 21, 2018 at 2:30 PM

GRAY — Northeast Tennessee home sales were up for the seventh straight month in June, but the average sales price drifted slightly lower than last year, according to a report by the Northeast Tennessee Association of Realtors (NETAR).

“So far this year, there has been little relief from a very tight inventory. During June, we had 3.9 months of inventory. Still, both sales and the average sales price are on pace to be slightly higher than last year,” said NETAR President Aaron Taylor. “So far this year, only one county market shows fewer closings and an average sales price lower than it was during the first six months of last year.”

Last year was the best year for residential sales since 2008, NETAR noted.

NETAR reported there were 670 closings on single-family resales in June. That was down from May’s record of 691 but 40 more than June last year. The average sales price was $174,103, down $5,558 from June last year. So far this year, 3,257 single-family homes sales have closed — 272 more than the first six months of last year. The year-to-date average sales price is up 9.1 percent.

Closings on condominium and townhome resales were flat when compared to June last year, and the average sales price is slightly softer. According to NETAR, there were 65 closings last month compared to 68 in June of last year. So far this year, 279 sales have closed. During the first six months of last year, there were 295 closings.

The average single-family sale that closed in June was on the market for 114 days. “That’s the least time-on-market we’ve seen since 2008,” Taylor pointed out. However, homes that are aggressively priced are selling much faster, he added. Average time-on-market for a June condo sale was 87 days.

In Kingsport, there were 403 sales, up 64. The average sales price was $178,939, up $8,544. In Sullivan County, there were 972 sales, up 93. The average sales price was $172,170, up $10,680.

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