Similar to other states throughout the country, Tennessee saw dramatic increases in real estate demand and prices throughout 2020, 2021, and into early 2022. In fact, from May 2020 to May 2022, the median sales price across the state increased by nearly 50%. While the real estate market remains strong, there are signs that it is slowing. There are various indicators of this in recent real estate reports.
Median Sales Price Declines
The median sales price in Tennessee seems to have peaked in the second quarter of 2022 when it neared $400,000. This was up from $270,000 just a couple of years ago. However, this is starting to show signs of a decline. By August 2022, the median sales price had declined to $374,000, which increased slightly in September.
Sellers will also find that sales can take longer to complete. In the second quarter, homes sat on the market for under 30 days before selling. This figure has steadily increased each month since, with it increasing to an average listing time of 45 days today.
Volume of Sales Declining
It is also clear that the volume of sales taking place is declining. Throughout the entire state of Tennessee, the number of homes sold in the third quarter of 2022 was about 14% lower than it was in the third quarter of 2021.
There are various reasons why this is occurring in the Tennessee real estate market. One of the most common reasons cited is the significant increase in interest rates. In September 2022, many well-qualified buyers were being quoted interest rates near 7%. This is up from just 3% a year earlier. This alone would increase a typical mortgage payment by nearly 50%, which greatly impacts someone’s affordability. When coupled with already high prices, it can lead to lower overall demand.
Selling We Buy Houses Chattanooga
There continue to be changes to real estate markets throughout the state of Tennessee. If you are a property owner in the Chattanooga area and are considering a sale in the near future, you should call the team with We Buy Houses Chattanooga. A standard real estate selling process can be a lot of work, time consuming, and expensive. There are various benefits that come with selling your property to this real estate company.
Quick and Streamlined Selling Process
Anyone that has sold a home in the past will likely know how time consuming it can be. Even in a strong seller’s market, you will have to spend a lot of time preparing your home for sale, marketing it, negotiating offers, and eventually waiting for the sale to close. In a good real estate market, this can take months. In today’s market, which is continuing to shift, you can expect it to take even longer.
When you sell to We Buy Houses Chattanooga, the process is much easier. All you will need to do is fill out an online form about your property. The company will then schedule an in-home consultation and could provide you with an all-cash offer in a matter of days. In many cases, they are able to close on the sale in as little as just a few weeks. Not only do you avoid a lot of stress and frustration, but it could also save you money as you will not have to pay all of the same closing costs and real estate commissions.
No Required Repairs
Nothing is worse than trying to sell your home and finding out that you need to make countless repairs. Following a real estate inspection, a buyer may require you to make repairs or provide a closing repair cost, or they could even walk away from the purchase. When you sell to We Buy Houses Chattanooga, you will not have to worry about any of this. The company purchases homes in as-is condition and will never require you to make repairs or provide a closing credit.
Selling a home in Tennessee is a very big decision that needs to be taken seriously. When you are assessing your options, it would be wise to call the team with We Buy Houses Chattanooga. When you do call, you can learn more about the process and even schedule your no-obligation in-home consultation. You can also reach out online.