This is a snapshot of the housing activity in the 37932 zip code, inclusive of all the homes (regardless of price). The upper left box indicates the number of Hardin Valley homes for sale. On 13 Sep 2024, 122 homes were listed for sale on the MLS . This is a rise in inventory compared to the start of the year (July 2024 article). Two out of every five of the available homes are new construction. The box to the upper right shows the recent sales activity. In the past 3 months, 165 homes have sold and this puts us at a pace of 55 sales per month. The higher listings and lower sales were not anticipated as June and July are typically part of the selling season.
In the lower left box, this is known as the absorption rate. It is a fancy term for a number that helps us judge whether the market is a Buyer’s Market (higher than 6), a Seller’s Market (less than 6) or Balanced (6). Hardin Valley’s absorption rate of 1.9 would indicate that we are in a softer Seller’s Market. If no new homes were added to the market and we kept selling at a pace of 55/month, all of the houses in 37932 would be sold in about 9 weeks. The demand for the Hardin Valley real estate market is starting to catch up with the supply of available homes.
Statistically speaking, sellers with an address in 37932 have a 45% chance of selling within the first month of being on the market, an 8% decline from July. The majority (118) of the 161 homes under contract are new construction. The remaining 43 resales had a median of 15 days on the market. Now that we are past Labor Day and the start of school, buyer activity has historically picked up. Buyers that are new to the Hardin Valley market this Fall will have a plethora of listings that yesteryear’s buyers would have died for. While still not a buyer’s market, things have shifted in that direction. My crystal ball can’t quite get a read because of the numerous variables to include the election, lower interest rates and the 1,700 additional listings in the Greater Knoxville area compared to just this past May 2024. If you list, assume 2-3 months of market time.
Adam Wilson is a realtor who focuses on homes for sale in Hardin Valley and helps all sorts of people whose housing no longer fits their current lifestyle. He listens to their needs, gets them out of their current place and into just the right house so that home can be a place they want to be.
How reliable are the predictions from Adam Wilson Realty? Check the archives of previous articles!
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