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As part of my role as one of THDA’s Real Estate Industry Advisors, I try to keep up with state housing sales data in some of our biggest markets. The national, state, and local Realtor associations do an incredible job of pulling together this information and making it available to their members and the public at large. I thought that it might be beneficial to have some of this data complied together in one place. I’ve included the credits for this information below; please check in with these organizations to learn more about housing sales in their markets.
- Josh McKinney, Real Estate Industry Account Advisor
Housing Sales Data as of April 15, 2024:
National Housing Trends: The NAR Housing Affordability Index “measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the most recent price and income data.” Learn more about the index here.
Market Snapshot for February 2024
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4.38 million units sold (- -3.3% Y/Y or Year-over-Year)
- Median Price: $384 (+5.7% Y/Y)
- 2.6 Months of Inventory (2.6 months in February 2023)
Credit to the National Association of Realtors
State Housing Trends: Market Snapshot for March 2024
- Market Snapshot for March 2024:
- Months of Inventory: 4.3 (+18.5% Y/Y)
- Closed Home Sales: 8,019 (-15.2% Y/Y)
- Listings: 35,975 (+2.5% Y/Y)
- Median Home Sales Price: $281,696 (+7.5% Y/Y)
Credit to Tennessee Realtors
Chattanooga: March 2024
- Listings: 2,054 (+15% MTD or Month to Date)
- Days on Market: 44 (+22.2% MTD)
- Median Sales Price: $329,000 (+4.4% MTD)
- Pending: 1,020 (+1.9% MTD)
- Closed Sales: 908 (-8.4% MTD)
Credit to Greater Chattanooga Realtors
Knoxville: February 2024
- Median Sales Price: $354,000 (+10.3% Y/Y)
- Days on Market: 28 days (up from 25 days one year ago)
- East Tennessee home sales increased 8.9% from the previous month, but were down 1.4% from a year ago.
- Total housing inventory increased from the previous year – up 24.0% from a year ago.
- 45% of homes sold for the asking price or above, with 21% selling for more than the asking price. 8% sold for at least $10,000 over asking and 2.6% sold for at least $25,000 over asking.
Credit to Hancen Sale, East Tennessee Realtors
Memphis: February 2024
- Closings: 1,103 (+13.6% Y/Y)
- Median Sales Price: $195,000 (+3.7% Y/Y)
- Average Sales Price: $242,400 (+1% Y/Y)
- Single Family Listings: 2,862
- SF Average List Price: $386,828
- Pending SF Sales: 1,584
- Pending SF Average List Price: $332,235
- Foreclosures: 36 (-34.5% Y/Y)
Credit to the Memphis Area Association of Realtors
Nashville: March 2024
- Closings: 2,837 ( -7% Y/Y)
- Residential Inventory: 9,404
- Months of Inventory: 4
- Median Price: $493,220
- Pending Sales: 3,006 (+2% Y/Y)
- Days on Market: 52
Credit to the Greater Nashville Realtors
Northeast Tennessee: March 2024
- Existing Home Sales: 597 (-11.6% Y/Y)
- Inventory: 1,471 (+19.2% Y/Y)
- Average Sales Price: $291,328 (+7% Y/Y)
- Median Sales Price: $256,000 (+6.7% Y/Y)
- Median Days on Market: 61 (50 in March 2023)
- New Listings: 829 (-9.3% Y/Y)
Credit to the Northeast Tennessee Association of Realtors
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