JOHNSON CITY, Tenn. (WJHL) — The Northeast Tennessee Association of Realtors (NETAR) that April 2023 saw local home sales decline while prices increased.
“Right now what agents and realtors will complain about most is, ‘we’ve got nothing to sell.’,” said market analytics for NETAR, Don Fenley.
Fenley says much of this trend comes from demand being high for homes while there isn’t enough inventory, or homes, in the market.
They report that there were 582 closings on single-family and condo sales in April, which is 85 fewer than in March and 233 fewer than last year.
Fenley says the market is in a good place right now.
“The sales pattern and volumes right now are almost identical to what they were the before, two years before the pandemic,” said Fenley.
For the market to be stable, Fenley says there has to be inventory available for around five to six months. He adds that this last month marks the 29th consecutive month that there has been less than two months of inventory.
Fenley predicts that prices will continue to rise a little bit. Once more homes are developed, there will be more competition. He says consumers will drive the prices with their demand.
The prime season for buying and selling homes starts right now.
To see the full report, follow this link.