Hamblen County, located in the heart of Morristown, TN, has experienced significant changes in its single-family home sales over the past five years. The data reveals trends in total sales, average selling prices, price per square foot, and market efficiency, offering valuable insights into the evolving real estate market. Here’s an in-depth analysis of these trends:
Total Sales and Volume
- 2020 to 2022 Growth: Total sales increased from 686 in 2020 to 800 in 2021, reflecting a surge in buyer demand. Although sales dipped slightly to 754 in 2022, the market remained robust.
- 2023 Decline and 2024 Recovery: Total sales dropped significantly in 2023 to 552, likely due to rising interest rates and economic uncertainty. However, 2024 saw a notable recovery to 657, suggesting renewed buyer activity.
- Total Volume Trends: Total sales volume closely mirrored sales trends, peaking at $214.25 million in 2022 before declining to $162.16 million in 2023 and rebounding to $182.96 million in 2024.
Price Trends
- Average Selling Price: The average selling price steadily rose from $195,942 in 2020 to $322,680 in 2024, a staggering increase of over 64%. This highlights both increasing property values and buyer willingness to pay higher prices.
- Median Selling Price: Median selling prices also showed a sharp upward trajectory, climbing from $179,900 in 2020 to $295,285 in 2024. This indicates consistent appreciation across all price points.
Price Per Square Foot (PSF)
- Average PSF: The average price per square foot grew from $102.55 in 2020 to $177.97 in 2024, reflecting a significant rise in the cost of living space.
- Median PSF: Median PSF followed a similar pattern, increasing from $103.19 in 2020 to $181.64 in 2024. This metric underscores the growing value of properties in Hamblen County.
Market Efficiency
- List Price to Sale Price (SP) Ratio: The market has maintained strong efficiency, with the SP ratio hovering between 97.90% and 98.88% from 2020 to 2024. This indicates that homes are selling close to their listed prices, reflecting a competitive market.
- Days on Market: Average days on market dropped from 60 days in 2020 to 40 days in 2024, while median days on market decreased from 22 days to just 16 days. This shows that homes are selling faster, a clear sign of high demand and limited inventory.
Key Takeaways
- Rising Prices: Both average and median selling prices have increased significantly, driven by strong demand and limited housing supply.
- Market Resilience: Despite challenges in 2023, the market rebounded in 2024, showcasing its resilience to economic fluctuations.
- Faster Sales: Homes are selling more quickly year over year, indicating a seller’s market with heightened competition among buyers.
- Value Appreciation: The consistent rise in price per square foot highlights the growing value of Hamblen County’s real estate market.
Conclusion
The Hamblen County single-family housing market has demonstrated remarkable growth and resilience over the past five years. With steadily rising property values, faster sales, and a robust recovery in 2024, it remains a strong and competitive market. For buyers, acting quickly is essential, while sellers can capitalize on the high demand and increasing prices. Looking ahead, Hamblen County is poised to continue its trajectory as a thriving real estate hub in Northeastern Tennessee.