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January 2025 Real Estate Market Update: What You Need to Know
As we get into 2025, the East Tennessee real estate market is showing early signs of growth and movement. January’s numbers reveal a higher number of new listings, a steady median sales price, and longer days on market, signaling a shift toward a more balanced market. While some metrics indicate a slower pace compared to past years, the overall outlook remains positive for buyers and sellers alike.
Here’s a breakdown of January 2025’s key trends and what they mean for you.
New Listings: A Stronger Start Than in Years Past
This January, we saw 2,029 new listings hit the market—a large increase over December and significantly higher than last January. This is an encouraging sign that sellers are beginning to make moves rather than hold on to their low-interest mortgages.
- Luxury Market: Approximately 400 new luxury listings entered the market, showing continued movement in the high-end segment.
What this means for you:
Sellers: More inventory means greater competition, so pricing and marketing must be on point to stand out.
Buyers: More listings give you better selection and more negotiating power than in previous years.
Active Listings: More Homes Available Than in Recent Years
The number of active listings in January 2025 was higher than in past Januarys, indicating a continued shift toward a more balanced market. This metric tracks all homes that held an active status at any point during the month.
- Total Active Listings: 7,000
- Luxury Market: 1,750 luxury homes were active in January—accounting for 25% of the total inventory.
What this means for you:
Sellers: More homes on the market means you’ll need a competitive strategy to attract buyers.
Buyers: More inventory gives you room to negotiate and take your time choosing the right home.
Sales Pending: A Slightly Slow Start, But an Upward Trend
Despite the increase in new listings and active homes, pending sales in January were still slow compared to typical market trends. However, they were higher than January 2024, showing a step in the right direction.
- Luxury Market: Fewer than 200 luxury homes went under contract in January.
Market uncertainty—particularly economic and political changes—can cause hesitation among buyers. But historically, the early months of the year tend to be slower, with activity picking up in spring.
What this means for you:
Sellers: Buyers are taking longer to make decisions, so patience and the right strategy will be key.
Buyers: With slower movement, you have more room to negotiate pricing and terms.
Closed Sales: A Slight Increase Over Last Year
January saw 1,125 total homes sold, which is slightly more than last year but still a slower start overall. The market is adjusting to new conditions, and experts predict sales will increase between 5-9% by the end of 2025 as buyers and sellers acclimate.
- Luxury Market: 155 luxury homes closed in January.
What this means for you:
Sellers: Be prepared for longer time on the market and potential negotiations.
Buyers: If you’re ready to move, now is a great time to buy before competition picks up in the spring.
Months of Supply: A Market Moving Toward Balance
For the first time in several years, the months of supply has risen above 6 months—a sign that the market is transitioning away from a seller’s market toward a more balanced environment.
- Luxury Market: The luxury supply sits at over 11 months, meaning high-end homes are taking longer to sell and there is more competition among sellers.
What this means for you:
Sellers: Homes are taking longer to sell, so be prepared to adjust pricing or marketing strategies if needed.
Buyers: The higher supply gives you more time and more negotiating power—especially in the luxury market.
Median Sales Price: Holding Strong Despite Market Shifts
The East Tennessee median sales price for January was $363,900, which represents a slight drop from December but remains the highest of any previous January.
- Luxury Market: The median price for homes listed at $650,000+ was $820,000.
This consistent price stability over time suggests that while demand may fluctuate, home values are continuing to appreciate.
What this means for you:
Sellers: Pricing remains strong, but overpricing could lead to longer days on market.
Buyers: Prices remain steady, but with more inventory, you may find better deals in certain areas.
Average Days on Market: Listings Make Take A Bit More Time to Sell
The average days on market for January was 55 days, which is significantly higher than where we started in 2024.
A new metric—Cumulative Days on Market (CDOM)—has also been introduced for 2025. This number tracks the total time a property spends on the market, even if it was previously listed and withdrawn before selling. However, so far, CDOM is not significantly different from the standard Days on Market measurement.
- Luxury Market: Luxury homes take a few days longer to sell compared to the overall market.
What this means for you:
Sellers: Homes aren’t selling as quickly as they did in past years, so marketing, pricing, and presentation are crucial.
Buyers: Homes that have been on the market longer may provide great negotiation opportunities.
What to Expect in the Coming Months
With more listings, a rising supply of homes, and steady prices, the real estate market is moving toward a more balanced pace. The days of bidding wars and extreme seller advantages are behind us, and both buyers and sellers need to adapt to this new environment.
- Sellers should expect longer days on market and be prepared to adjust strategies to attract buyers.
- Buyers should take advantage of increased inventory and negotiating power while market conditions favor them.
With spring approaching, we expect activity to pick up, making now the perfect time to prepare for your next move.
Thinking About Buying or Selling? Let’s Talk!
Whether you’re looking for your first home, selling your current one, or simply curious about market trends, I’m here to help you navigate this evolving market. Let’s make 2025 a successful year for your real estate goals!
*Stats provided with permission from the East Tennessee Realtors Multiple Listing Service. As reported by Claudia Stallings, Wallace Real Estate COO.
Wallace Luxury Spotlight | 1869 Persimmon Ridge Loudon, TN 37774
Welcome to Luxury Living at Tennessee National
Experience the perfect blend of luxury, leisure, and community at Tennessee National, one of East Tennessee’s most prestigious gated communities. From top-tier amenities to a beautifully upgraded custom home, this is more than just a residence—it’s a lifestyle.
Custom Home Features
This beautiful custom home offers an open floor plan with 3 bedrooms and 3 full bathrooms, plus a massive upstairs bonus room perfect for additional living space, a home office, or a game room.
Throughout the home, you’ll find high-end upgrades, including:
- GE Profile appliances for modern culinary convenience
- Quartz countertops that combine beauty with durability
- A large walk-in shower in the primary bathroom for spa-like relaxation
- Custom closets to keep everything organized and stylish
Unmatched Community Amenities
Tennessee National offers a wide range of amenities designed to enhance your everyday life:
- Greg Norman Signature Golf Course with a stunning clubhouse and Top Tracer covered bays for year-round practice
- Private marina featuring covered boat slips for all your waterfront adventures
- Saltwater pool with a relaxing hot tub
- Pavilion for outdoor concerts and events
- On-site restaurant for convenient dining
- 24-hour guarded gate security for peace of mind
- Miles of hiking trails to explore the natural beauty of Tennessee
- An active social calendar with events for every interest
Priced Below Recent Appraisal
Not only does this home offer luxury and convenience, but it’s also priced well below a recent appraisal, providing exceptional value in one of Tennessee’s most desirable communities.
Your New Lifestyle Awaits
Tennessee National is more than just a neighborhood—it’s a vibrant, welcoming community where residents enjoy both tranquility and excitement. With world-class amenities, stunning natural surroundings, and an active social scene, you’ll quickly feel right at home.
Schedule Your Showing Today
Don’t miss your chance to experience all that Tennessee National has to offer. Schedule your private showing today and discover why this custom home is the perfect place to call home.
Listed by Jim Dingus – Wallace North Office | Click here for more info.
Wallace Luxury Spotlight | 3118 Smoky Bluff Trail Sevierville, TN 37862
Discover the Ultimate Smoky Mountain Retreat at Manna Mountain Lodge
Introducing Manna Mountain Lodge, a stunning luxury property nestled in the Great Smoky Mountains of East Tennessee. Meticulously crafted and expertly adorned, this one-of-a-kind lodge is designed to elevate your mountain living experience while offering an unparalleled investment opportunity.
Prestigious Location and Unmatched Privacy
Located in the prestigious subdivision of The Summit, Manna Mountain Lodge sits on a premium 3.70-acre lot, providing unmatched privacy and breathtaking, layered mountain views. With city water access and a spacious circular driveway, the property ensures both convenience and seclusion for you and your guests.
Architectural Excellence Meets Natural Beauty
Designed with an open floor plan and expansive glass windows, Manna Mountain Lodge immerses you in the beauty of the Great Smoky Mountains. Each room and living space is carefully arranged to highlight the stunning mountain vistas, seamlessly blending the natural surroundings with luxurious interiors.
Main House Features — Luxury Living at Its Finest
The main house spans just under 5,000 square feet and features 5 king-sized primary suites, each offering breathtaking mountain views. Additional highlights include:
- 2 half bathrooms
- An indoor, quaint observation tower
- An outdoor observation tower with panoramic views
- Covered and uncovered outdoor living areas designed to maximize the scenery
- A home theater room and multiple game rooms
- An indoor heated pool for year-round enjoyment
Carriage House — A Charming Addition
The carriage house complements the main lodge with a 2-car garage on the main level. Upstairs, you’ll find another living area with stunning views, 4 full-sized built-in bunk beds, a full bathroom, a foosball table, and a deck. This space adds approximately 600 square feet of additional living space, making it perfect for guests or multigenerational living.
Elegant Features and Modern Conveniences
Manna Mountain Lodge is filled with upscale amenities and thoughtful details, including:
- Quartz countertops and upscale appliances
- Gas stovetop and gas grill
- 2 stone gas fireplaces
- A hot tub with mountain views
- Walk-in showers in each full bathroom
- Walk-in closets and televisions in every room
- A built-in toddler bunk bed in one of the upstairs primary suites
Turnkey Investment with Proven Rental History
Completely turnkey and ready for immediate occupancy or rental, Manna Mountain Lodge accommodates up to 20 guests and has a proven rental history. With a potential rental income of $350,000 for 2025, this property represents a unique opportunity to generate substantial revenue while owning a luxurious mountain retreat.
Conveniently Located Near Top Attractions
Enjoy easy access to all the best that East Tennessee has to offer. The lodge is conveniently located near:
- Dollywood
- The Island and Margaritaville
- Foothills Parkway
- Attractions, restaurants, and stores in Pigeon Forge and Gatlinburg
- The local airport and more
Make Manna Mountain Lodge Yours
Whether you’re seeking a luxurious getaway, a multigenerational retreat, or a high-yield investment, Manna Mountain Lodge offers it all. Schedule your private showing today and check out this exquisite property!
Listed by Hali Combs Whaley – Wallace Bearden Office | Click here for more information!
Wallace Luxury Spotlight | 265 E Shore Drive Rockwood, TN 37854
Lakefront Luxury Living in Grande Vista Bay
Welcome to your dream lakefront home in the sought-after community of Grande Vista Bay. This stunning 5-bedroom, 3.5-bathroom, 5,300-square-foot home offers nearly 180-degree views of the serene waters, blending luxury, comfort, and breathtaking scenery.
An Inviting Great Room with Panoramic Lake Views
The heart of the home is the great room, where panoramic lake views steal the show. This space features a gas fireplace with a granite surround, beautiful built-ins, and a wood-beamed vaulted ceiling. The open-concept design flows seamlessly into the columned dining room, which is flooded with natural light—perfect for gatherings and entertaining.
A Kitchen Designed for Culinary Delight
The spacious kitchen is a chef’s dream, complete with a granite island featuring a 5-burner gas stove and stainless-steel range hood, a wall roasting oven, and a microwave. Abundant counter space, a breakfast bar with pendant lighting, and an open layout make this kitchen both functional and beautiful.
From the kitchen, step into the expansive all-seasons room, where three walls of windows allow you to fully immerse yourself in the stunning lake views. This cozy space features a see-through gas fireplace, perfect for enjoying the scenery year-round.
Practical Spaces for Everyday Living
Just around the corner from the kitchen, you’ll find a large laundry room equipped with ample storage, a folding counter, a refrigerator, and a double-door pantry—providing convenience for everyday living.
A Primary Suite with Unmatched Views and Comfort
The primary bedroom is a true retreat, offering continued lake views, a reading alcove, and a wall-mounted fireplace. The closet area includes built-in drawers and cabinets, along with two separate walk-in closets. The ensuite bathroom features double sinks, a domed lit ceiling, a walk-in tile shower with a seat and dual shower heads, and a separate soaking tub for ultimate relaxation.
Versatile Bedrooms and Office Space
Across the hall from the primary suite, you’ll find an additional office/bedroom with front-facing windows for natural light and easy access to the hall bathroom.
A Lower Level Designed for Entertaining
Head downstairs to the lower level and enjoy a wall of windows that provide more spectacular lake views from the family room. The third and fourth bedrooms share a full hall bath, with one bedroom offering direct access to a covered patio.
Down the hall, you’ll find a wet bar adjacent to the fifth bedroom, which features its own reading alcove, lake views, and an ensuite full bathroom—perfect for guests or multigenerational living.
Abundant Storage and Workshop Space
The lower level also boasts a large workshop area with epoxy floors, a washer and dryer with a utility sink, heating and cooling, and direct access to the outdoors. There’s no shortage of storage space in this thoughtfully designed home.
Breathtaking Outdoor Spaces and Additional Opportunities
The outdoor areas are just as impressive as the interior. Enjoy your mornings with breathtaking sunrise views from multiple vantage points around the property. Additionally, Lot 123 at 265 E Shore Drive can be purchased with the home for $375,000. This lot is dockable with a permit, offering even more opportunities to enjoy life on the water.
Make This Lakefront Gem Yours
This exceptional home in Grande Vista Bay is ready for its next chapter. With unmatched lake views, luxurious amenities, and motivated sellers, it’s a rare opportunity you won’t want to miss. Schedule your private showing today and experience lakefront living at its finest!
Sellers are motivated and will consider reasonable offers!
Co-listed by Joanne “just joanne” Mielenz and Angela Worsham — Wallace Lakeside Office | Click here for more info!
Finding the Perfect Match: Why February is a Great Time to Buy or Sell
February might be the shortest month of the year, but when it comes to real estate, it’s packed with opportunity. While many people associate spring with home buying and selling, savvy buyers and sellers know that February can be the perfect time to make a move.
Here’s why:
1. Less Competition, More Opportunity
Buyers who start their search now often face less competition than those who wait until spring. This means more negotiating power and a better chance of finding the perfect home without getting caught in a bidding war.
Sellers also benefit in February—while inventory is lower, serious buyers are still actively looking. Listing your home now means it will stand out rather than getting lost in the rush of spring listings.
2. Mortgage Rates & Market Trends
With interest rates fluctuating, buyers who act sooner rather than later may secure better financing options before any potential rate changes. Sellers, meanwhile, can take advantage of buyers eager to lock in a home while affordability remains in their favor.
3. Love Where You Live
Since it’s the season of love, why not find a home you truly adore? Whether you’re buying your first home, upgrading to more space, or downsizing to simplify life, February is a great time to find a place that fits your heart’s desires.
4. Spring Market Prep Starts Now
For sellers thinking about listing in spring, now is the time to prepare. Deep cleaning, minor repairs, and staging your home now will help ensure it’s market-ready when demand spikes in March and April.
Thinking about buying or selling? Let’s find the perfect match for you this season!
Wallace Luxury Spotlight | 1752 Hillendale Road Crossville, TN 38572
A Private Estate Like No Other: 45 Acres of Serenity and Craftsmanship
Experience the ultimate in privacy, luxury, and natural beauty with this custom-built estate, nestled on 45.69 acres of pristine land. Listed by Debbie Yankey of Wallace Real Estate’s Farragut Office, this extraordinary property offers unparalleled craftsmanship and a lifestyle defined by peace and serenity.
A Home Designed for Comfort and Elegance
From the moment you enter the gated property, you’ll be captivated by the meticulous attention to detail. The exterior of the home features stone and Hardie plank with freshly stained cedar accents, creating a timeless and inviting look. Inside, the living room boasts an open floor plan with a soaring reclaimed wood ceiling and a stunning stone gas fireplace, perfect for cozy evenings.
The custom kitchen is a chef’s dream, equipped with extensive cabinetry, a wine fridge, a walk-in pantry, and not one, but two full-size refrigerators. Whether hosting large gatherings or preparing intimate meals, this kitchen delivers both functionality and style.
Luxurious Main-Level Owner’s Suite
The main-level owner’s suite is a spa-like retreat. With a freestanding soaking tub, a tiled walk-in shower, and a barrel wood ceiling, the space exudes relaxation and luxury. It’s the perfect place to unwind after a day exploring your private estate.
A Versatile Second Floor
The second floor offers a private suite that is ideal for guests or multigenerational living. It includes a bedroom, bathroom, kitchenette with a third refrigerator, microwave, and sink, a dining area, and an enormous bonus room. The flexibility of this space makes it a standout feature of the home.
Outdoor Living at Its Finest
This property is a haven for outdoor enthusiasts. Three porches, including a screened dining area with a stone fireplace, provide the perfect spots to enjoy the stunning surroundings. The estate also features trails that wind through wooded acreage, a ~½ acre stocked pond, and a 40’x60′ barn complete with horse stables, a tack room, and a fenced livestock area. Additional outbuildings offer workshop space and versatility for a variety of needs.
Modern Amenities for Easy Living
Modern conveniences abound in this estate, including:
- Whole-house Generac generator
- Dual fuel heat pumps
- Fiber optic internet
- Monitored security system with exterior cameras
- Encapsulated crawl space and blown-in foam insulation
- 200-amp electrical service, natural gas, and water
With a 5-car garage, low-maintenance landscaping, and Greenbelt status, this property seamlessly blends luxury with practicality.
Conveniently Located
Despite its private and serene setting, the estate is just 12 minutes from schools, shopping, and healthcare, ensuring that all your needs are within easy reach.
A Rare Opportunity
This exceptional property is a unique blend of functionality, luxury, and natural beauty. Whether you’re seeking a private retreat, a working estate, or a multigenerational haven, this home has it all.
Property listed by Debbie Yankey – Wallace Real Estate Farragut Office – Click here for more info
Wallace Luxury Spotlight | 12240 Mossy Point Way Knoxville, TN 37922
Discover Elegance and Ease at Bayou Bend in West Knoxville
Welcome to the sought-after, lakefront community of Bayou Bend — a hidden gem offering low-maintenance living with stunning amenities. Nestled along the shores of Lake Loudoun, this all-brick, ranch-style home is the epitome of comfort and luxury.
A Grand Welcome
Arrive in style via the charming brick paver driveway, leading to a spacious two-car garage and a welcoming covered front porch. The home’s elegant design invites you into an open floor plan that is both functional and beautiful.
Main Level Living at Its Best
The main level of this stunning property features 3 generously sized, split bedrooms and a versatile 4th bedroom or bonus room upstairs. Engineered hardwood flooring flows throughout, complemented by vaulted ceilings and plantation shutters adorning every window.
The large dining area is perfect for hosting gatherings, while the light-filled living room offers built-ins and large windows that create an inviting space to relax or entertain.
A Chef’s Delight
The kitchen is a dream for any home chef, boasting granite countertops, a built-in oven, a generous island with a breakfast bar, and ample cabinet space with a pantry. Adjacent to the kitchen, the cozy keeping room can be utilized as a den, home office, or additional breakfast area — a versatile space to suit your needs.
Serene Outdoor Spaces
One of the highlights of this home is the serene screened-in porch, overlooking a peaceful backyard. It’s the perfect retreat for unwinding after a long day or enjoying your morning coffee while taking in the tranquil surroundings.
Luxurious Primary Suite
The primary suite offers a spacious layout designed for relaxation and convenience. Dual vanities, a walk-in tiled shower, a jetted tub, and a large walk-in closet make this suite a true oasis within the home.
Convenient Features
The functional laundry room is connected to an additional walk-in storage closet, making everyday living more convenient. Thoughtful details throughout the home enhance both comfort and practicality.
Bayou Bend Community Amenities
Living in Bayou Bend means enjoying premium community amenities, including a saltwater pool overlooking the serene waters of Lake Loudoun and a private boat ramp for residents. The HOA provides exceptional value, covering lawn care, trash service, a Rural Metro subscription, and more — giving you more time to enjoy your beautiful surroundings.
A Perfect Blend of Comfort and Luxury
This home seamlessly combines elegance with ease, offering everything you need for comfortable, upscale living in a premier lakefront community. Plus, the washer, dryer, and both kitchen and garage refrigerators will be conveyed to the new owner.
Don’t miss this opportunity to make Bayou Bend your new home!
Property is listed by Sahel Naimy – Wallace Real Estate Farragut Office – Click here for more info
Wallace Luxury Spotlight | 2959 Mockingbird Way Sevierville, TN 37862
Discover Luxury Living in the Heart of the Smokies: New Cabin with Stunning Views
Welcome to your dream mountain retreat! This newly constructed cabin offers breathtaking, panoramic views of Wears Valley, delivering one of the most spectacular vistas in the Smoky Mountains. With nearly 4,000 square feet of thoughtfully designed space, this luxurious 3-bedroom masterpiece combines rustic charm with modern elegance to create the ultimate mountain escape.
A Grand Entrance with Unmatched Views
The moment you arrive, the beauty of this cabin is evident. Enter through elegant double glass doors and immediately take in the stunning mountain views framed by 16-foot sliding glass doors. These doors open to an expansive deck, providing a seamless connection to the outdoors. Whether you’re sipping your morning coffee or hosting an evening gathering, the views will leave you in awe.
Indoor Pool and Entertainment Haven
One of the standout features of this home is the indoor pool, designed to bring the outdoors in. A unique glass garage door allows you to fully enjoy the surrounding natural beauty while relaxing by the pool. The pool area flows directly onto the lower deck and gently sloped outdoor space, creating an entertainer’s paradise or a serene spot for personal reflection.
Adjacent to the pool, the lower level boasts a theater room, perfect for movie nights or watching the big game. This entertainment hub is ideal for creating lasting memories with family and friends.
Luxury Finishes Throughout
Every detail in this cabin has been carefully chosen to combine luxury and practicality. Key features include:
- Paved Driveway for easy access
- Granite Countertops for a sleek and modern kitchen
- Stainless-Steel Appliances to elevate your culinary experience
- LVP Flooring for durability and style
- Walk-In Tiled Showers for a spa-like feel
- Tongue-and-Groove Ceilings for rustic charm
- Soaring Ceilings that create an open and inviting atmosphere
Unbeatable Location in a Gated Community
Nestled in a gated community, this property offers additional amenities such as a picnic area and a private dumpster for residents’ convenience. The cabin’s prime location puts you within minutes of some of the area’s best attractions:
- 15 Minutes to Pigeon Forge for shopping, dining, and entertainment
- 7 Minutes to the Great Smoky Mountains National Park Entrance for endless outdoor adventures
- 5 Minutes to the Scenic Foothills Parkway for breathtaking drives
A Slice of Smoky Mountain Paradise
This cabin is more than just a home or an investment — it’s a true mountain escape that offers peace, beauty, and endless opportunities for adventure. With luxury finishes, incredible amenities, and unparalleled views, it’s the perfect place to create lasting memories.
Don’t miss your chance to own a piece of paradise in the Smoky Mountains. Floor plans are subject to change during the construction process. Contact us today to learn more and schedule your visit!
Listed by Lisa Hoyt – Wallace Real Estate Farragut Office – Click here for more info!
December 2024 Real Estate Market Update: What You Need to Know
Before we get too far into 2025, lets take a moment to look at the East Tennessee real estate market trends for December. The numbers tell an interesting story: while the market is no longer as frenzied as we saw during the pandemic years, it’s finding a rhythm that feels steady—and, in many ways, familiar. Here’s a breakdown of what we’re seeing and what it means for buyers and sellers as we head into 2025.
📋 New Listings: A Seasonal Slowdown (and That’s Normal!)
December saw fewer new listings hitting the market compared to last year, but don’t be alarmed—this is a completely normal seasonal trend. The holidays tend to bring a slowdown in listings, and this year’s numbers are nearly identical to what we saw in December 2019. As we move past the holiday season, we expect to see more properties hitting the market in the coming months.
What it means for you:
- Sellers: If you’ve been waiting for less competition, now’s the time to get ready to list.
- Buyers: Fewer new listings might mean you need to act quickly when you find the right home, but more inventory is likely on the way.
🏡 Active Listings: Buyers Are Getting More Choices
The number of active listings on the market was down from November, but it’s still the highest December inventory we’ve seen in six years. After years of record-low inventory, buyers are finally seeing more options. However, this doesn’t mean we’re in a buyer’s market just yet—it’s more of a balanced market, where buyers have a bit more breathing room to make decisions.
What it means for you:
- Buyers: You now have more time to consider your options and even ask for concessions or repairs, which wasn’t the case during the peak of the market frenzy.
- Sellers: While homes are still selling, it’s important to price your property competitively and be prepared for a bit more negotiation.
🔑 Sales Pending: Returning to Pre-Pandemic Normalcy
The number of homes under contract in December mirrored the levels we saw in 2019, the last “normal” year before the pandemic-driven real estate boom. It’s a sign that buyers and sellers are gradually adjusting to higher interest rates, recognizing that life changes—like job relocations or growing families—continue to drive the need to buy or sell homes.
What it means for you:
The market is steady, and despite higher interest rates, buyers are still making moves. If you’re waiting for rates to drop dramatically, you may be waiting longer than expected. It’s better to focus on finding the right home or buyer rather than waiting for the perfect rate.
📈 Closed Units: Steady Sales, Reflecting Typical Year-End Trends
December saw more closed sales than last year, with activity remaining steady from November to December. Historically, this trend is common, with similar sales activity between these two months. It’s a reassuring sign that the market is maintaining momentum even as we head into the slower winter months.
What it means for you:
The market isn’t slowing down dramatically, which is good news for both buyers and sellers. Whether you’re thinking of listing your home or making a purchase, the demand is still there.
⏳ Months of Supply: Nearing a Balanced Market
The months of supply—the measure of how long it would take to sell all the current inventory—dropped slightly in December, largely due to fewer listings during the holiday season. However, we’re slowly inching closer to a balanced market. While it still slightly favors sellers, the shift toward balance is welcome news for buyers.
What it means for you:
- Buyers: You’ll have more negotiating power than you’ve had in recent years.
- Sellers: Homes are still moving, but pricing matters more than ever in this evolving market.
💰 Median Sales Price: Holding Steady at $370,000
Throughout 2024, the median sales price has remained in the range of $350,000 to $375,000, ending the year at $370,000. This stability shows that while buyers have more negotiating power, prices haven’t dropped drastically—another sign that we’re not in a true buyer’s market just yet.
What it means for you:
If you’re buying, don’t expect massive discounts, but you do have more room for negotiations. If you’re selling, focus on presenting your home well and pricing it appropriately to attract buyers.
🕒 Average Days on Market: A Seasonal Spike
The average days on market saw a noticeable jump from November to December, but this isn’t a cause for concern. With Thanksgiving and Christmas packed into a short timeframe, many closings were delayed by holiday schedules and vacations.
What it means for you:
Sellers should keep in mind that homes may take a bit longer to sell during the holidays, but this is temporary. As we move into the new year, expect the timeline to shorten again.
What to Expect in 2025
Looking ahead, the market is showing signs of stability. We’re no longer in the frenzy of the pandemic years, and both buyers and sellers are adjusting to the new normal. With more inventory, steady prices, and balanced conditions, East Tennessee is shaping up to be a solid real estate market as we head into 2025.
If you’ve been waiting for the right time to make your move, this year could be it!
If you have questions about how these trends might affect your personal real estate goals, our team at Wallace Real Estate is here to help. We’re always monitoring the latest market data, ensuring that when you’re ready to move, you have the insights and guidance you need.
*Stats provided with permission from the East Tennessee Realtors Multiple Listing Service. As reported by Claudia Stallings, Wallace Real Estate COO.
Winter Woes? Here’s How to Keep Your Home Safe from Cold-Weather Damage
Winter weather can be tough on homes, and frozen pipes are one of the most common (and costly!) issues homeowners face this time of year. But with a little preparation, you can avoid the headaches that come with extreme cold. Here are a few simple steps to protect your home and keep things running smoothly all season long:
1. Protect Your Pipes
Frozen pipes can burst and cause serious damage. Here’s how to prevent it:
- Insulate pipes in unheated areas like basements, attics, and garages.
- Let faucets drip during freezing temperatures to keep water flowing.
- Open cabinets under sinks to let warm air circulate around pipes.
2. Know How to Shut Off Your Water
In case of a pipe burst, knowing where your main water shut-off valve is located can save you from a flood of trouble. Make sure it’s easily accessible and that everyone in your household knows how to use it.
3. Clear Ice and Snow from Your Roof and Gutters
Ice dams can form on your roof, causing leaks and water damage. Keep gutters clear and consider a roof rake to safely remove snow buildup.
4. Seal Drafts to Keep the Cold Out
Cold air can sneak in through cracks and gaps around doors and windows. Use weatherstripping, caulk, and door sweeps to keep your home warm and energy-efficient.
5. Check Your Heating System
Don’t wait until temperatures dip to find out your heating system isn’t working. Schedule an annual check-up to make sure your furnace or heat pump is in top shape.
Stay Cozy and Safe This Winter
Taking these simple precautions can help you avoid costly repairs and keep your home warm and cozy all winter long. And if a new home is part of your 2025 plans, we’re here to help guide you through every step of the process!
