The July 2018 Blount County Market Update is now available! July was another excellent month for the Blount County Real Estate Market.
Homes located is high-demand price ranges are selling faster, however the average Days-on-Market (DOM) crept back up slightly to 48 days. Last month the average DOM was 40 days, which was a drastic drop from 60 DOM in May! Therefore, it is completely natural for this number to be rising slightly. We want a sustainable market!
There continues to be a lot of pent-up buyer demand, and inventory shortages are definitely an issue in most price ranges under $500K. Properly priced homes below $250K are frequently sold within days of hitting the market. As such, it is very important that buyers act quickly when the right house comes along.
Owners and sellers in the $100K – $400K price range have a strong seller’s market at their disposal; this should be taken advantage of if selling is a priority.
The opposite can be said of the luxury market, which is still suffering from an excess of supply. This is great news for luxury buyers, however luxury sellers need to be realistic about proper pricing and selecting the right agent.