August 2024 Real Estate Market Update: What You Need to Know

As summer winds down, the real estate market in our area shows a mix of familiar patterns and evolving trends. Here’s a detailed look at the latest market statistics for August 2024.

New Listings

In August, the number of new listings closely matched figures from 2019 and 2021. This consistency indicates a balanced market where sellers weigh the benefits of selling—such as recent home equity gains—against the costs of purchasing a new property, including higher interest rates. Despite the higher costs associated with buying, sellers who have owned their homes for several years are still realizing significant returns.

Active Listings

Inventory levels are comparable to 2019, but the market feels more robust due to the past years’ scarcity of listings. Since January, we’ve seen a steady increase in active listings, offering buyers more choices. This uptick is a positive change from the extremely competitive conditions of 2021, though we’re still within normal market ranges.

Sales Pending

The number of homes going under contract in August was higher compared to last year, reflecting a rebound from the slower pace seen when interest rates peaked. This increase suggests that despite a less frenetic pace than during the height of the pandemic, buyer activity remains strong.

Closed Units

The volume of closed units in August matches last year’s figures, maintaining a steady pace throughout 2024. While sales aren’t moving as quickly as they did from 2020 to 2022, the market remains active, with homes selling at a more measured rate.

Months of Supply

The months of supply has remained relatively stable since June, showing a higher level than in previous Augusts. Currently, we have just under a 5-month supply of homes, indicating a slight seller’s advantage. A balanced market typically has 6-9 months of supply, so sellers still enjoy some leverage, although the market is not as skewed as it was in the past few years.

Median Sales Price

August’s median sales price reached an all-time high of $365,000. While this figure represents a peak for August, it did see a slight dip from July, possibly due to the seasonal slowdown as the school year begins and activity typically slows.

Average Days on Market

The average days on market is currently around 38 days. While this seems slower compared to the breakneck pace of recent years, it remains in line with other strong years in real estate. Homes are still selling relatively quickly, though not as rapidly as during the market’s peak.

Conclusion

Understanding the current market trends can help both buyers and sellers make informed decisions. If you have any questions about these statistics or need personalized advice, don’t hesitate to reach out to your trusted Wallace Real Estate agent. We’re here to provide expert guidance and help you navigate the market effectively.

*Stats provided with permission from the East Tennessee Realtors Multiple Listing Service. As reported by Claudia Stallings, Wallace Real Estate COO.