October 2018 Market Update

October 2018 Market Update

October 2018 Market Update

The majority of the Blount County Real Estate market continues to be a strong seller’s market! Prices are going up: the average sales price jumped almost $30K to $259,876. However, the Average Days on Market (DOM) spiked to 70 days. This is a large increase in DOM so we will be watching this number closely in the coming months.

Owners and sellers in the $100K – $300K price range have a strong seller’s market working in their favor; this should be taken advantage of if selling is a priority. The ongoing inventory shortage in the $400K and below price ranges is causing fierce competition for properly priced homes. Buyers need to act quickly when they find the right house.

Several segments of the luxury market experienced strong sales (yay!) that helped bring some inventory levels back into balance. Other luxury price ranges still have an excess of supply, so luxury sellers need to be realistic about proper pricing and selecting the right agent.

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