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October brought a balanced and active market across East Tennessee, with steady trends in both the general residential and luxury home sectors. Wallace Real Estate COO Claudia Stallings’ monthly market review offers a detailed look at how the real estate market performed, shedding light on the region’s continued appeal for both everyday homeowners and luxury buyers alike.
Steady Sales and Growth in Residential Real Estate – The October numbers show that East Tennessee’s residential real estate market held steady, with *1,529 homes sold* across the region—almost exactly in line with sales from last October. This consistency points to a stable demand, which has been a theme throughout the year.
Prices in the area continued a gradual upward trend, with the median sales price reaching $374,400. This slow but steady increase highlights East Tennessee’s value as a market where homebuyers can experience long-term appreciation while enjoying an affordable cost of living.
New listings came in at 2,301, showing a stable supply month over month. Buyers and sellers alike have benefitted from this balance, with homes spending an average of 41 days on the market. This indicates a reasonable pace that allows buyers to explore their options without causing prolonged inventory buildup—a win-win situation for everyone involved.
Spotlight on the Luxury Market
The luxury home sector, defined as properties priced at $650,000 or higher, saw strong performance as well. *259 high-end properties* found new owners in October, and a closer look reveals healthy activity across various price ranges:
– $650,000 to $799,999: 109 homes sold
– $800,000 to $999,999: 66 homes sold
– $1,000,000+: 73 homes sold
For luxury listings, the average days on the market varied slightly across price points. Homes in the $650,000 to $799,999 range averaged 48 days, while properties priced between $800,000 and $999,999 took a bit longer at 58 days. Homes priced at $1,000,000 and above settled in the middle, with an average of 51 days on the market. This range reflects a slight increase in market time for higher-end properties, but still within a reasonable timeframe.
List Price to Sales Price Ratios and Luxury Hotspots
A strong indicator of demand and value retention, the list price-to-sales price ratio remained robust across luxury tiers. Homes in the $650,000 to $799,999 range sold for 98% of their list price, while those in the $800,000 to $999,999 range came in at 97%. Properties over $1,000,000 saw a slight dip but still held at 96% of their list price, showcasing the sustained desirability of these high-end offerings.
In terms of luxury activity, these zip codes rank at the top:
– 37922 (Knoxville): 25 sales
– 37934 (Farragut): 22 sales
– 37774 (Loudon): 21 sales
These neighborhoods continue to attract interest from buyers seeking upscale living options with the charm and natural beauty of East Tennessee.
Wallace Real Estate’s Luxury Listings
With 70 luxury listings currently available, Wallace Real Estate is proud to offer a range of properties for those seeking the best East Tennessee has to offer. From serene mountain retreats to vibrant family neighborhoods, the region has something for everyone looking to invest in a home that truly matches their lifestyle.
Whether you’re interested in exploring East Tennessee’s unique residential or luxury market, our team at Wallace Real Estate is here to help. Stay tuned each month as we track these trends, providing insight and guidance to buyers and sellers navigating today’s dynamic real estate landscape.
*Stats provided with permission from the East Tennessee Realtors Multiple Listing Service. As reported by Claudia Stallings, Wallace Real Estate COO.
