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JANUARY 2025

Single Family Programs Newsletter

WHAT'S INSIDE THIS MONTH

Housing Education Symposium

Tennessee Housing Conference

Habitat for Humanity Tribute

Lender and Realtor Training

Tennessee Housing Trends

Lender Rankings

HOUSING EDUCATION SYMPOSIUM 2025

TENNESSEE HOUSING CONFERENCE 2025

Early Bird registration for this year's conference closes soon on the 31st! Get our best price by registering in the month of January, and if you'd like to see the agenda, speakers, or conference hotel info, be sure to check out our website at TNhousingconference.com!

HABITAT FOR HUMANITY TRIBUTE

Single Family's Kendra Love was able to visit the Memphis Habitat for Humanity tribute to late President Jimmy Carter at the Benjamin Hooks Library. Habitat for Humanity of Greater Memphis joined Habitat organizations around the world in raising a memorial framed wall and doors to pay tribute to former President Carter and acknowledge how his efforts opened doors to brighter futures for thousands of Habitat homeowners over nearly four decades.

GREAT CHOICE AND HFA TRAINING

Great Choice & HFA Advantage Operations Training

Live via WebEx 

This training covers all the basics of the Great Choice Loan Program and is required for all newly approved lenders, as well as serving as a refresher course for experienced staff. Topics include Eligibility Criteria, Homebuyer Education Requirements, Rate Lock & Loan Submission, Underwriting, Closing & Funding Requirements, and processes for eachWhile this is a prepared presentation, we will still leave plenty of time at the end for questions. 


Click Lender Training to register for one of the sessions below.

The links are at the bottom of the webpage.


Morning Sessions 9:00 AM-10:30 AM Central/ 10:00 AM-11:30 AM Eastern

February 12 Topic: HFA Advantage

March 12 Topic: Great Choice


Afternoon Sessions 1:00 PM- 2:30 PM Central/ 2:00 PM- 3:30 PM Eastern

February 12 Topic: Great Choice

March 12 Topic: HFA Advantage

 

Please email rbicknell@thda.org for a monthly calendar invitation.


REALTOR TRAINING

We are happy to announce our 2025 THDA Virtual Training Sessions for Realtors.


February 18th at 9:00AM CT

Topic: Great Choice 101 Basics Training, 1 hour CE


March 4th at 6:00PM CT

Topic: Great Choice 101 Basics Training, 1 hour CE


March 18th at 9:00AM CT

Topic: Freddie Mac HFA Advantage Training, 2 hour CE

Click to Register

TENNESSEE HOUSING TRENDS

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 January 15, 2025:


National Housing Trends: The NAR Housing Affordability Indexmeasures 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.


Home Sales Take Significant Leap in November


Market Snapshot for November 2024

  • National Market Snapshot for November 2024:
  • 4.15 million units sold (+6.1% Y/Y or Year-over-Year)
  • Median Price: $406,100 (+4.7% Y/Y)
  • 3.8 Months of Inventory (3.5 months in November 2023)


Credit to the National Association of Realtors


State Housing Trends: Market Snapshot for November 2024

  • Months of Inventory: 4.9 (+10.9% Y/Y)
  • Closed Home Sales: 6,826 (-4.5 % Y/Y)
  • Listings: 38,439 (+5.5% Y/Y)
  • Median Home Sales Price: $320,000 (-8.6% Y/Y)


Credit to Tennessee Realtors


Chattanooga: December 2024

  • Listings: 2,634 (+29.2% MTD or Month to Date)
  • Days on Market: 50 (+22% MTD)
  • Median Sales Price: $337,500 (+9.5% MTD)
  • Pending: 643 (+7.7% MTD)
  • Closed Sales: 812 (+12.3% MTD)


Credit to Greater Chattanooga Realtors


Knoxville: November 2024

  • Median Sales Price: $375,000 (+7.7% Y/Y)
  • Days on Market: 21 days (up from 12 days one year ago)
  • East Tennessee home sales increased 1.7% from the previous month, a 2.2% increase from the previous year.
  • Total housing inventory increased from the previous year – up 29%.
  • 40.58% of homes sold for the asking price or above, with 19.33% selling for more than the asking price. 7.44% sold for at least $10,000 over asking and 2.69% sold for at least $25,000 over asking price.


Credit to Hancen Sale, East Tennessee Realtors


Memphis: December 2024

  • Closings: 1,108 (-0.4% Y/Y)
  • Median Sales Price: $194,393 (-3% Y/Y)
  • Average Sales Price: $249,317 (-5.2% Y/Y)
  • Single Family Listings: 3,184
  • SF Average List Price: $398,381
  • Pending SF Sales: 977
  • Pending SF Average List Price: $361,307
  • Foreclosures: 33 (+13.8% Y/Y)


Credit to the Memphis Area Association of Realtors


Nashville: December 2024

  • Closings: 2,842 (+15% Y/Y)
  • Residential Inventory: 10,109
  • Months of Inventory: 4
  • Median Price: $500,000
  • Pending Sales: 1,593 (-6% Y/Y)
  • Days on Market: 50


Credit to the Greater Nashville Realtors


Northeast Tennessee: December 2024

  • Existing Home Sales: 479 (-15.4% Y/Y)
  • Inventory: 2,029 (+15.3% Y/Y)
  • Average Sales Price: $304,556 (+0.9% Y/Y)
  • Median Sales Price: $255,000 (-0.5% Y/Y)
  • Median Days on Market: 68 (57 in December 2023)
  • New Listings: 520 (-5.3% Y/Y)


Credit to the Northeast Tennessee Association of Realtors

TOP 10 STATEWIDE

M-T-D Rankings - December 2024

Our total Application Production for December is $38,671,773.

Y-T-D Rankings through December 31, 2024

Our total application production through December 31, 2024 is $582,452,003.

TOP BY REGION

EAST TN

Y-T-D Rankings through December 31, 2024

MIDDLE TN

Y-T-D Rankings through December 31, 2024

WEST TN

Y-T-D Rankings through December 31, 2024

For mortgage related questions, please call the Single Family help desk

at 615-815-2100 or email SFask@thda.org.

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