Fall 2024 Housing Market Update: East Tennessee

With fall officially here and the leaves starting to turn, there are some interesting changes happening in the East Tennessee housing market. Whether you're thinking about buying or selling, here’s what you need to know to make the most of the season.

Prices Holding Steady — With Some Wiggle Room

Home prices across East Tennessee have mostly held steady this year. After the big price jumps we saw in recent years, the market has now leveled out a bit. From the scenic towns of New Tazewell and Harrogate to the historic charm of Cumberland Gap, the average home prices aren’t moving too much, but there are some small changes depending on the location and the type of property.

For sellers, this is good news, as it means there’s still a strong interest in homes around here. For buyers, there might be a bit more room for negotiation than there was in the past, especially since many sellers are motivated to close deals before the winter chill arrives.

More Homes on the Market

This fall, we're seeing a bit more inventory compared to last year. That’s great for buyers who may have felt limited by fewer options in the past. Now, you’ll find a wider range of homes — from cozy cottages near the mountains to spacious lakefront properties.

If you're thinking of selling, though, keep in mind that more homes on the market mean more competition. This could be a great time to consider a few updates or upgrades to help your home stand out, whether it's sprucing up the landscaping or making some small improvements inside.

Mortgage Rates: Where Are They Now?

Mortgage rates are still higher than they were a couple of years ago, but they’ve remained pretty steady recently. If you’re planning to buy, it might be wise to lock in a rate sooner rather than later, as there’s talk of possible changes in early 2025. Don’t forget to check out local lenders, too; they often have special programs that can make buying more manageable, especially if you’re a first-time buyer or looking to make a big move.

The Appeal of East Tennessee

East Tennessee remains a favorite spot for many — and it’s easy to see why. From the breathtaking Appalachian Mountains to the endless recreational opportunities around the 9 Lakes Region, there’s so much to love here. Plus, you get the best of both worlds: the charm of small-town living with easy access to the amenities of larger cities like Knoxville and Morristown.

As fall brings cooler weather and stunning scenery, it also brings new opportunities in the housing market. Buyers can benefit from a bit less competition compared to the busy spring and summer months, while sellers can highlight the natural beauty of the area to attract interest.

Ready to Make Your Move?

If you're thinking about buying or selling a home in East Tennessee this fall, now could be the perfect time. Whether you're looking for a mountain retreat, a lakeside haven, or a charming home in a quaint town, this area has it all.

Feel free to reach out if you want to chat about your options. I’m here to help you find the perfect home or make the most of your sale in this beautiful region!