This is a snapshot of the housing activity in the 37932 zip code, inclusive of all the homes (regardless of price). The upper left box indicates the number of homes for sale. As of 2 September, 111 homes are available for purchase on the MLS. The box to the upper right shows the recent sales activity. In the past 3 months, 176 homes have sold and this puts us at a pace of a rounded up 59 sales per month. August sales (62 homes) were right in line with the average.
In the lower right box, this is known as the absorption rate. It is a fancy term for a number that helps us judge whether the market is a Buyer’s Market (> 6), a Seller’s Market (<6) or Balanced (6). Hardin Valley’s absorption rate of 1.9 would indicate that we are in a Seller’s market and a rather extreme one at that. If no new homes were added to the market and we kept selling at a pace of 59/month, all of the houses in 37932 would be sold in less than 2 months! Statistically speaking, sellers with an address in 37932 have a 53% chance of selling within the first month of being on the market….a historically unheard of stat in east Tennessee.
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