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As your local real estate experts at Cornerstone Realty Associates in Knoxville, we're thrilled to bring you the latest insights into the Tellico Village housing market as of February 2024. Whether you're considering buying a dream home in this vibrant community or selling your property, understanding the current market trends is crucial. Let's dive into the latest data and see what it means for you.
Rising Home Sales and Pending Sales
In an encouraging sign for the Tellico Village real estate market, home sales have risen by 4.8% year-over-year, with 22 homes sold in February 2024. Pending sales also show a healthy uptick of 6.9%, totaling 31 pending sales for the month. These increases suggest a growing demand for homes in this beautiful lakeside community.
Inventory and New Listings
Currently, the inventory of available homes in Tellico Village has decreased by 19.5% compared to last year, with only 70 homes on the market. However, new listings have slightly increased by 3%, reaching 34 new listings in February. This decrease in inventory alongside an increase in new listings indicates a competitive market, where buyers and sellers must act swiftly.
Median Sales Price and Market Demand
The median sales price in Tellico Village has seen a significant increase of 14.57%, now at $630,000. This rise, along with an average sold price per square foot of $278, reflects the high demand and value of homes in the area. The absorption rate, which measures how quickly homes are sold, has decreased from 2.69 months to 2.38 months of inventory, further signaling a strong demand.
Seasonal Trends and Price Points
As we move into spring, traditionally a period of increased activity in the real estate market, we anticipate further interest in Tellico Village properties. Despite the current low inventory, the sustained demand keeps the market dynamic. Interestingly, the $600,000 to $650,000 price range has emerged as particularly active, leading in sales, pending contracts, and new listings.
Conclusion
Tellico Village continues to be a sought-after location for homeowners seeking a blend of luxury, comfort, and community. With home prices closely aligning with listing prices and a bustling market in the $600,000 to $650,000 range, now is an opportune time to consider your next move in real estate, whether buying or selling.
For personalized advice and assistance in navigating the Tellico Village real estate market, reach out to me, Troy Stavros at Cornerstone Realty Associates at 865-999-0925. I'm here to help make your real estate journey in Tellico Village as smooth and successful as possible.
5 окт 2024
