Report: Home sales in Northeast Tennessee best in 10 years
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.