Months of Supply - Similarly Sized Southern Cities

Say that five times fast… I love this graph. It shows the listing inventory for each of the selected cities in the south. Months of Supply is a measurement professionals use to gauge how long it would take the currently listed homes to sell if no other homes went up for sale. Six months of inventory is said to be an equal maket. The same amount of listings and buyers looking. In this situation, prices would stay relatively flat. If supply is over 6 months, it said to be a “buyer’s” market and prices will tend to drop. Under 6 months supply, it’s said to be a “sellers market”. In this scenario, there are fewer homes available or more buyers or a combination of both. This causes prices to increase. Currently, Knoxville is around 1.5 months of inventory. So, we can predict higher prices in the future (all other items consistent).

Knox County Housing Data

This chart shows historical information about homes in Knoxville. Specifically, Knox County. More homes are sold than every before here, but as you can see from the DOM (Days On Market) they are selling very quickly.

Median Sales Price via REDFIN

This graph shows median sales price (not average sales price) of various markets over time.

Want to talk more about the market? Real Estate Luke is ready to chat!