Knoxville TN

As a potential buyer or seller in the current real estate market, it is important to understand how the different metrics are correlated and what they signify in terms of market conditions.

The Months Supply of Inventory is a crucial metric that indicates the balance between supply and demand in the housing market. A low months supply of inventory, such as the current 2.08 months, typically indicates a seller's market where there are more buyers than available homes. This can lead to increased competition among buyers, potentially driving up prices.

The 12-Month Change in Months of Inventory, which has increased by +23.81%, suggests a shift towards a more balanced market as inventory levels are rising. This increase in inventory could provide more options for buyers, potentially leading to a stabilization or slight decrease in home prices.

The Median Days Homes are On the Market, at 22 days, is a reflection of the speed at which homes are selling. A lower number of days on the market indicates high demand and quick turnover of properties.

The List to Sold Price Percentage of 98.2% indicates that homes are typically selling close to their list price. This can be a positive sign for sellers, as it suggests that buyers are willing to pay close to the asking price for homes in the current market conditions.

Lastly, the Median Sold Price of $403,950 provides an indication of the average price at which homes are selling.

This figure can be used as a reference point for both buyers and sellers to understand the market value of properties in the area.

Overall, the combination of these metrics suggests a dynamic real estate market with relatively low inventory levels, high demand, and prices that are holding steady. Buyers may face competition and a fast-paced market, while sellers may benefit from strong demand and potential for favorable sale prices. It is important for both buyers and sellers to stay informed and work with a knowledgeable real estate professional to navigate the current market conditions effectively.