Homebuyers in Northeast Tennessee may have an easier time to look for properties, as the region’s housing market is tipped to set another record year for sales, according to the Northeast Tennessee Association of Realtors’ (NETAR) report.
Home prices in Northeast Tennessee during November fell by $3,689 to $169,452 year over year, while sales for the month increased 7.6% to 496 properties.
NETAR’s report partly based its findings on property sales in five counties in Northeast Tennessee. For the first 11 months of 2017, there were 5,777 transactions exchanged possession. This may allow the market to sustain its record from last year, when sales amounted to its $1 billion.
Washington County registered the highest increase in average home prices, which rose by $16,960 to $228,693. In Johnson County, the average home price increased the most by more than $42,900, although prices remained the cheapest among the five counties at $128,244. If you want to buy elsewhere in Tennessee, the market in Nashville may be a good choice coming into 2018.
Realtor.com expects home prices in Nashville to decline next year, as more homes are sold in the city. Prices have been trending upward due to a limited supply of homes. However, the forecast only considers higher sales for listed home prices worth more than $350,000.
Entry-level property prices may take a long time before noticing any slowdown in growth, as first-time buyers make the most of low-interest rates from lenders like a mortgage company. Mortgage Investors Group noted that Hendersonville homes could be another option if you find Nashville to be a pricey market.
Whether it’s your first time to buy a house in Tennessee or not, it may be better to secure financing to close out a purchase faster than rival bidders. Where do you plan to acquire a residential property in 2018?