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Report: Home sales in Northeast Tennessee best in 10 years

(MGN)

Home sales in the 11-county region of Northeast Tennessee were so robust they rose to their highest level since 2008, according to a new report.

More than 6,500 closings on single-family resales took place in 2018- up 5.7 percent, said the data from the Northeast Tennessee Association of Realtors released Wednesday.

"While reports of a slowing economy dominate housing market headlines, seasonal decline, and a softening sales growth rate, our market powered through a tight inventory for its best year in a decade," said NETAR president Karen Randolph.

Other statistics reported in the year-end study:

  • The annual average sales price was $173,379, up 4.2 percent from 2017
  • All but three of the city markets monitored by the Trends Report had sales increases
  • The local market finished the year with 3.9 months of inventory
  • Closing on condominium and town home resales totaled 554, down 5.6 percent from 2017

More data is available by clicking here.


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