November 2024 Real Estate Market Update: What You Need to Know

As we approach the close of the year, the East Tennessee real estate market continues to follow a familiar seasonal pattern. While we can see a slowdown in some areas, this appears to be more about the time of year than any major market shift. Here’s a look at what we’ve seen in recent weeks and what it might mean for both buyers and sellers.

New Listings – New listings decreased compared to the previous month, but remain higher than what we’ve seen during other recent Decembers. This suggests the dip is driven mainly by seasonal factors rather than a sign of dwindling interest. Buyers may still find a decent selection of homes, even as we head into the quieter winter period.

Active Listings – Back in August, we reached and then surpassed the number of active listings we had in 2019, the last pre-COVID benchmark year. While this might feel like inventory is “up,” remember that we’re still in a market where demand outpaces supply. Buyers, however, might find a bit more leverage with slightly more choices available. For sellers, this means paying close attention to pricing, condition, and presentation to stand out.

Sales Pending – The number of homes going under contract took its expected seasonal dip, but interestingly, it remains above last year’s levels. Life events—jobs, family changes, or simply the desire to move—don’t always wait for interest rates to drop. Some buyers seem willing to move forward despite mortgage uncertainties, perhaps encouraged by the broader array of homes currently on the market.

Closed Units – Closed home sales in November mirrored the activity we saw last November, down a bit from October’s numbers. Again, this fits the classic year-end pattern. Real estate activity often crests in the warmer months and then eases off as the holidays approach, so this year’s slight slowdown doesn’t raise any red flags.

Months of Supply – With more listings, coupled with a seasonal slowdown in contracts and closings, the months of supply metric has nudged upward. Many industry experts consider around six months of supply to represent a “balanced” market—one where the number of buyers and the number of homes available roughly match. While we’re not at that perfect balance yet, inching closer could mean more predictable conditions for everyone involved.

Median Sales Price – The median sales price currently sits around $375,000, holding steady and showing a slight increase. This number rivals peak summer pricing and indicates that even as we move into the quieter months, home values remain stable and resilient. For sellers, it’s an encouraging sign that their property values are maintaining strength. For buyers, it’s further confirmation that East Tennessee’s market continues to be a sound, long-term investment.

Average Days on Market – On average, homes spend about 40 days on the market. To break that down: a home might stay on the market for a couple of weeks before going under contract, followed by a roughly 30-day period leading up to closing. Historically speaking, 40 days is still a brisk pace. While we might see this number edge up slightly as colder weather settles in, it remains well within the realm of a healthy, active market.

Looking Ahead – As we move into the heart of winter, we’ll likely see typical seasonal patterns continue, with activity picking up again as we approach spring. For those considering buying or selling now, understanding these trends can help manage expectations. With demand still generally outstripping supply, buyers should remain prepared to act quickly when the right home appears, while sellers can rest assured that properties priced and presented well will still garner attention, even in the cooler months.

If you have questions about how these trends might affect your personal real estate goals, our team at Wallace Real Estate is here to help. We’re always monitoring the latest market data, ensuring that when you’re ready to move, you have the insights and guidance you need.

*Stats provided with permission from the East Tennessee Realtors Multiple Listing Service. As reported by Claudia Stallings, Wallace Real Estate COO.