Tennessee Real Estate holding up in dumpy market
LoveTNLife.com 11/22/2022 — With the Fed raising rates and a market that was too hot even for a game of hot potato, many assets have eased back in parallel with the sell of in global equities. But real estate is a dynamic complex market. Just as in equities, you have some assets holding up well better than others. Hot markets like Las Vegas, Los Angeles, South Florida and others are obviously pulling back more than others. Tennessee stands out as an interesting market, listings prices are holding steady. The number of listings increased from February until July and then has held steady. The sold to list ratio is dropping, and homes are staying on the market longer – so TN is not unaffected by the market. However, compared to other markets, pricing is holding up strong, with only a slight downtick in the Listings Prices, according to Knoxville Area Association of REALTORS.
Absorption Rate
2.17
1.53
41.83
1.57
1.32
18.94
Average List Price
$557,460
$454,126
22.75
$439,111
$361,428
21.49
Median List Price
$403,000
$309,900
30.04
$339,000
$279,900
21.11
Average Sale Price
$395,632
$352,168
12.34
$386,648
$328,360
17.75
Median Sale Price
$315,000
$285,000
10.53
$320,000
$270,000
18.52
Average ADOM
31
21
47.62
22
25
-12.00
Median ADOM
14
0
N/A
5
5
0.00
Listings
0-99,999
59
89
-33.7
693
1003
-30.9
100,000-149,999
86
158
-45.6
968
1618
-40.2
150,000-199,999
158
264
-40.2
1844
2984
-38.2
200,000-249,999
207
288
-28.1
2321
3067
-24.3
250,000-299,999
254
336
-24.4
2576
2785
-7.5
300,000-349,999
186
228
-18.4
2262
2082
8.6
350,000-399,999
159
183
-13.1
1813
1657
9.4
400,000-449,999
115
131
-12.2
1291
1106
16.7
450,000-499,999
81
93
-12.9
993
821
21.0
500,000-549,999
53
78
-32.1
730
565
29.2
550,000-599,999
52
54
-3.7
697
421
65.6
600,000-649,999
41
40
2.5
496
352
40.9
650,000-699,999
50
40
25.0
437
258
69.4
700,000-749,999
22
34
-35.3
284
177
60.5
750,000-799,999
24
15
60.0
249
150
66.0
800,000-849,999
19
16
18.8
168
116
44.8
850,000-899,999
19
15
26.7
151
101
49.5
900,000-949,999
10
10
0.0
114
76
50.0
950,000-999,999
4
10
-60.0
101
79
27.8
1,000,000-1,099,999
10
11
-9.1
96
68
41.2
1,100,000-1,199,999
10
9
11.1
120
64
87.5
1,200,000-1,299,999
8
11
-27.3
95
69
37.7
1,300,000-1,399,999
8
4
100.0
58
47
23.4
1,400,000-1,499,999
5
4
25.0
45
35
28.6
1,500,000-1,599,999
7
2
250.0
39
24
62.5
1,600,000-1,699,999
1
2
-50.0
21
17
23.5
1,700,000-1,799,999
2
3
-33.3
19
19
0.0
1,800,000-1,899,999
1
1
0.0
16
8
100.0
1,900,000-1,999,999
2
0
N/A
19
8
137.5
2,000,000-2,249,999
2
1
100.0
27
19
42.1
2,250,000-2,499,999
2
2
0.0
11
11
0.0
2,500,000-2,749,999
0
0
0.0
5
8
-37.5
2,750,000-2,999,999
0
0
0.0
6
6
0.0
3,000,000-3,249,999
1
1
0.0
4
3
33.3
3,250,000-3,499,999
0
0
0.0
2
1
100.0
3,500,000-3,749,999
0
0
0.0
0
0
0.0
3,750,000-3,999,999
1
0
N/A
3
1
200.0
4,000,000-4,249,999
0
0
0.0
1
0
N/A
4,250,000-4,499,999
0
0
0.0
1
0
N/A
4,500,000-4,749,999
0
0
0.0
1
1
0.0
4,750,000-4,999,999
0
0
0.0
0
0
0.0
5,000,000+
1
1
0.0
4
4
0.0
Totals
1660
2134
-22.2
18781
19831
-5.3
0-99,999
47
71
-33.8
682
941
-27.5
100,000-149,999
79
131
-39.7
942
1721
-45.3
150,000-199,999
171
295
-42.0
1988
3265
-39.1
200,000-249,999
200
315
-36.5
2322
3050
-23.9
250,000-299,999
236
320
-26.2
2747
3083
-10.9
300,000-349,999
188
217
-13.4
2162
2031
6.5
350,000-399,999
148
193
-23.3
1928
1767
9.1
400,000-449,999
77
130
-40.8
1098
1067
2.9
450,000-499,999
74
138
-46.4
1022
1007
1.5
500,000-549,999
61
60
1.7
680
563
20.8
550,000-599,999
51
83
-38.6
730
534
36.7
600,000-649,999
38
37
2.7
420
290
44.8
650,000-699,999
38
50
-24.0
484
338
43.2
700,000-749,999
18
20
-10.0
251
188
33.5
750,000-799,999
20
21
-4.8
271
188
44.1
800,000-849,999
11
15
-26.7
143
109
31.2
850,000-899,999
17
20
-15.0
184
150
22.7
900,000-949,999
10
5
100.0
75
58
29.3
950,000-999,999
12
16
-25.0
131
106
23.6
1,000,000-1,099,999
7
2
250.0
57
52
9.6
1,100,000-1,199,999
11
10
10.0
120
90
33.3
1,200,000-1,299,999
13
5
160.0
116
86
34.9
1,300,000-1,399,999
10
3
233.3
72
42
71.4
1,400,000-1,499,999
4
4
0.0
51
41
24.4
1,500,000-1,599,999
2
2
0.0
38
38
0.0
1,600,000-1,699,999
4
5
-20.0
27
18
50.0
1,700,000-1,799,999
0
2
-100.0
24
21
14.3
1,800,000-1,899,999
0
1
-100.0
19
6
216.7
1,900,000-1,999,999
3
2
50.0
17
16
6.3
2,000,000-2,249,999
1
1
0.0
25
11
127.3
2,250,000-2,499,999
1
2
-50.0
19
24
-20.8
2,500,000-2,749,999
0
0
0.0
11
7
57.1
2,750,000-2,999,999
3
0
N/A
12
13
-7.7
3,000,000-3,249,999
0
0
0.0
3
1
200.0
3,250,000-3,499,999
0
1
-100.0
4
4
0.0
3,500,000-3,749,999
1
0
N/A
1
1
0.0
3,750,000-3,999,999
1
0
N/A
4
0
N/A
4,000,000-4,249,999
1
0
N/A
2
0
N/A
4,250,000-4,499,999
0
0
0.0
0
1
-100.0
4,500,000-4,749,999
0
0
0.0
1
1
0.0
4,750,000-4,999,999
0
0
0.0
1
1
0.0
5,000,000+
2
0
N/A
6
4
50.0
Totals
1560
2177
-28.3
18890
20934
-9.8
0-99,999
119
195
-39.0
937
1322
-29.1
100,000-149,999
163
245
-33.5
1266
2138
-40.8
150,000-199,999
288
368
-21.7
2505
3869
-35.3
200,000-249,999
321
312
2.9
2916
3546
-17.8
250,000-299,999
468
349
34.1
3490
3621
-3.6
300,000-349,999
361
238
51.7
2759
2399
15.0
350,000-399,999
376
223
68.6
2558
2138
19.6
400,000-449,999
241
137
75.9
1514
1303
16.2
450,000-499,999
279
146
91.1
1503
1256
19.7
500,000-549,999
169
97
74.2
975
730
33.6
550,000-599,999
219
122
79.5
1078
723
49.1
600,000-649,999
147
49
200.0
634
379
67.3
650,000-699,999
182
96
89.6
793
469
69.1
700,000-749,999
94
30
213.3
412
253
62.8
750,000-799,999
134
50
168.0
486
275
76.7
800,000-849,999
49
34
44.1
221
163
35.6
850,000-899,999
91
35
160.0
343
221
55.2
900,000-949,999
43
18
138.9
150
86
74.4
950,000-999,999
76
39
94.9
251
184
36.4
1,000,000-1,099,999
30
15
100.0
108
79
36.7
1,100,000-1,199,999
60
27
122.2
216
134
61.2
1,200,000-1,299,999
65
32
103.1
234
141
66.0
1,300,000-1,399,999
44
18
144.4
144
68
111.8
1,400,000-1,499,999
40
20
100.0
126
69
82.6
1,500,000-1,599,999
24
14
71.4
87
62
40.3
1,600,000-1,699,999
19
14
35.7
69
34
102.9
1,700,000-1,799,999
16
6
166.7
48
36
33.3
1,800,000-1,899,999
15
6
150.0
44
15
193.3
1,900,000-1,999,999
15
6
150.0
45
28
60.7
2,000,000-2,249,999
10
7
42.9
49
20
145.0
2,250,000-2,499,999
12
15
-20.0
48
44
9.1
2,500,000-2,749,999
10
3
233.3
28
13
115.4
2,750,000-2,999,999
14
10
40.0
36
27
33.3
3,000,000-3,249,999
1
1
0.0
5
5
0.0
3,250,000-3,499,999
3
2
50.0
11
7
57.1
3,500,000-3,749,999
4
1
300.0
6
2
200.0
3,750,000-3,999,999
4
2
100.0
10
3
233.3
4,000,000-4,249,999
3
0
N/A
4
0
N/A
4,250,000-4,499,999
4
0
N/A
4
2
100.0
4,500,000-4,749,999
0
2
-100.0
3
3
0.0
4,750,000-4,999,999
1
2
-50.0
3
5
-40.0
5,000,000+
13
8
62.5
25
16
56.3
Totals
4227
2994
41.2
26144
25888
1.0
0-99,999
55
92
-40.2
760
1069
-28.9
100,000-149,999
87
137
-36.5
1110
1870
-40.6
150,000-199,999
195
276
-29.3
2280
3508
-35.0
200,000-249,999
236
292
-19.2
2712
3276
-17.2
250,000-299,999
263
307
-14.3
3260
3336
-2.3
300,000-349,999
231
205
12.7
2581
2200
17.3
350,000-399,999
209
182
14.8
2411
1927
25.1
400,000-449,999
114
127
-10.2
1407
1191
18.1
450,000-499,999
122
131
-6.9
1388
1137
22.1
500,000-549,999
83
69
20.3
893
648
37.8
550,000-599,999
61
84
-27.4
1001
639
56.7
600,000-649,999
41
43
-4.7
590
338
74.6
650,000-699,999
48
44
9.1
724
423
71.2
700,000-749,999
29
19
52.6
385
223
72.6
750,000-799,999
37
29
27.6
454
246
84.6
800,000-849,999
14
10
40.0
206
141
46.1
850,000-899,999
31
17
82.4
312
192
62.5
900,000-949,999
8
4
100.0
135
73
84.9
950,000-999,999
18
29
-37.9
225
157
43.3
1,000,000-1,099,999
7
5
40.0
98
64
53.1
1,100,000-1,199,999
13
12
8.3
195
110
77.3
1,200,000-1,299,999
19
10
90.0
204
117
74.4
1,300,000-1,399,999
11
2
450.0
124
55
125.5
1,400,000-1,499,999
8
4
100.0
116
56
107.1
1,500,000-1,599,999
6
4
50.0
70
45
55.6
1,600,000-1,699,999
4
2
100.0
62
29
113.8
1,700,000-1,799,999
0
3
-100.0
43
31
38.7
1,800,000-1,899,999
2
4
-50.0
40
14
185.7
1,900,000-1,999,999
5
2
150.0
38
17
123.5
2,000,000-2,249,999
5
2
150.0
41
15
173.3
2,250,000-2,499,999
4
1
300.0
37
32
15.6
2,500,000-2,749,999
0
0
0.0
26
7
271.4
2,750,000-2,999,999
3
2
50.0
26
24
8.3
3,000,000-3,249,999
1
0
N/A
4
3
33.3
3,250,000-3,499,999
0
0
0.0
7
5
40.0
3,500,000-3,749,999
2
0
N/A
6
1
500.0
3,750,000-3,999,999
1
0
N/A
7
2
250.0
4,000,000-4,249,999
0
0
0.0
4
0
N/A
4,250,000-4,499,999
0
0
0.0
4
1
300.0
4,500,000-4,749,999
0
1
-100.0
2
2
0.0
4,750,000-4,999,999
1
0
N/A
1
2
-50.0
5,000,000+
1
2
-50.0
15
11
36.4
Totals
1975
2153
-8.3
24004
23237
3.3
Clearly, every market is different. Zero Hedge reported as early as August 2022 that prices in Boise Idaho had dropped:
The good thing about real estate, you can’t manufacture it. Regardless of how much money the Fed prints, land is land. Fed policy affects interest rates which impacts mortgages so real estate is no simple hedge, but it is a physical asset that has limited supply.
Whatever the factors, whether it’s demographics, the pandemic driving people to red states (so called “Red Shift”) or other factors – there clearly are some states still seeing net positive inflows (other states include Florida, Texas, North Carolina, and South Carolina).
