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As we closed out the first half of the year, June brought some interesting insights into the East Tennessee real estate market. While activity didn’t hit record-breaking levels, there are strong indicators that the market remains healthy—just evolving toward a more balanced rhythm.
Here’s a quick look at how the market performed in June:
New Listings – In an interesting turn of events, the number of new listings that entered the market in June was down from May and down from April. Last year during June, the number of new listings took a similar slowdown.
However, you have to temper this information with the data that shows that the only other year where we had MORE listings in June was 2022. So, still a hearty number of sellers choosing to enter the real estate market.
Active Listings – There has been a steady climb of listings that were Active at some point this year, with June reaching a high mark. When compared to the overheated market of 2021, this means that buyers have nearly twice the number of choices available to them. This also means that sellers have twice the number of competitors.
Having more inventory causes a couple of negotiation reactions…buyers have more leverage in asking for reduced prices, concessions and repairs, and sellers have more reason to enter the market well-priced and well-prepared for sale.
Sales Pending – Not the highest number of homes going under contract, but also not the lowest. We did see more homes going under contract this June than in June of 2023 or 2024, which shows the market hasn’t necessarily lost its momentum, but it is perhaps moving at a more reasonable and normal pace.
Closed Units – Again, not the highest or lowest numbers in recent history, but better than we’ve seen in the past couple of years. We edged out 2023 by just a bit, but are comfortably ahead of last year.
Homes are going on the market, they are pending, and they are closing. As a seller, it’s important to work with an agent who understands the process and how to get your home market ready.
Months of Supply – We held steady in May and June in the Months of Supply category. Our timeline for running out of listings at the current pace of sales is still just over 5 months, which still puts our market in the category of being a “seller’s market.” It’s just not as obvious as it has been looking back a few years.
Median Sales Price – Our median sales price is almost identical this year to where we were last June. This means that prices haven’t fallen, but rather are steady.
So, rather than coming to the market expecting a large percentage increase in value over last year, sellers should temper their expectations. They haven’t necessarily lost value, but prices aren’t gaining as quickly as they once were. Again, a direct result of our supply and demand situation balancing out.
Average Days on Market – This number is also holding steady. Homes under our luxury price point are selling in about 60 days (on the market 15-30 days before connecting with a buyer), and luxury listings are taking about 73 days, or about 30-45 days before connecting with a buyer.
If you’re considering a move, this is a great time to work with a trusted real estate professional and approach the market with clarity. Whether you’re looking for your first home, selling your current one, or simply curious about market trends, I’m here to help you navigate this evolving market.
*Stats provided with permission from the East Tennessee Realtors Multiple Listing Service. As reported by Claudia Stallings, Wallace Real Estate COO.
