05/30/2026
Consolidating some commentary from the May update from the East Tennessee Realtors Association's monthly Market Pulse, I wanted to share the following with my followers:
Home Sales Report
APRIL 2026
• East Tennessee home sales increased 8.9% in April from 2025.
• The median sale price was $369,318 — down 2% from the previous year.
• Total housing inventory has shot up 20% from April 2025.
• Half of the homes sold were under contract in 32 days or less, up from 24 days a year ago.
• 41.1% of homes sold for the asking price or above, with 18.2% selling for more than the asking price. 7.6% sold for at least $10,000 over asking and 2.5% sold for at least $25,000 over asking price.
• The sale-to-list price ratio fell slightly to 98.7% compared to 99.3% a year ago.
• New construction was 13.9% of total home sales, down from 14.4% in 2025.
What's the outlook?
After a slow March, April resembled the typical busy spring housing season in East Tennessee. Sales jumped nearly 9% over April 2025 as sellers added fresh inventory. Buyers appear to be less sensitive to mortgage rate movements after enduring several months of weekly ups and downs. Pending sales were also up nearly 20% over last year.
For the second month in a row, the median home sale price has been lower than 2025 despite the increased sales activity; the nearly six-year streak of rapid price appreciation appears to be over.
Contrary to recent news articles, East Tennessee homes are not "overpriced." The list-to-sale ratio remains steady at 98.7%, and nearly half of homes sold at or above the list price in April.
Thankfully, the continued demand and slow pace of easing growth has created an ideal scenario. Rather than a sharp correction from post-pandemic price highs, premiums are slowly easing while the underlying value of the homes holds up well. This is good news for homeowners, buyers and sellers alike, and for our regional economic health.
However, this doesn't mean homes have become affordable to most residents. Inventory is still a constraint, remaining tight in the mid-to-lower price tiers where demand is fiercest and potential buyers are value conscious. Many of the single-family listings being added this spring are in the "luxury" range; in April, 16% of all new listings were priced over $1 million.
Consider that the annual median household income in our region is approximately $75,000, meaning that family might comfortably afford a $275,000 home.* In April, East Tennessee only added 629 listings priced at or under $275,000. By contrast, the market added 2,610 listings priced above $275,000.
