Q4 2024 Market Pulse Survey Results
The Market Pulse Survey is a poll of licensed real estate professionals and members of the East Tennessee REALTORS®. The Q4 2023 iteration of the survey was conducted online from December 14-20, 2023, and received a total of 178 responses. The survey’s margin of error is +/- 5.7% at the 95 percent confidence level.
Key Findings
- Buyer traffic remained suppressed in the forth quarter of 2023. Only 10% of respondents reported seeing more buyer traffic than this time last year, compared to 9% the previous quarter. Similarly, seller traffic declined with only 14% of respondents reporting more seller traffic than this time last year.
- Over the next three months, REALTORS® expect buyer traffic to pick up with 37% of respondents expecting more buyer traffic than this time last year. Expectations about future seller traffic also rose, with 29% of respondents expecting seller traffic to increased compared to the last time last year.
- Respondents reported receiving an average of 2.4 offers on homes sold in Q4 2023, up from 2.1 offers the previous quarter.
- 50% of REALTORS® expect home sales will increase over the next year, up from 38% the previous quarter and 17% a year ago.
- Industry expectations regarding home prices remain relatively strong. 75% of respondents said they expect home prices will either stay the same or increase over the next year, with 58% saying they expect prices to increase.
- All-cash sales represented 31% of all home sales in Q4 2023, up from 30% the previous quarter and 29% a year ago.
- 63% of buyers in the past three months waived at least one contingency in their purchase contract, up from 55% a year ago.
"Mortgage rates reaching the highest level in over 20 years brought East Tennessee's housing market to a standstill in the final quarter of 2023" said Hancen Sale, Government Affairs and Policy Director at East Tennessee REALTORS®. "However, our latest survey indicate Realtors® expect housing market conditions to improve moving into the new year."
| Market Outlook | Q4 2023 | Q4 2022 |
| Percent of respondents who expect a year-over-year increase in buyer traffic in next 3 months | 37% | 21% |
| Percent of respondents who expect a year-over-year increase in seller traffic in next 3 months | 29% | 17% |
| Percent of respondents who expect home sales to increase over the next year | 50% | 17% |
| Percent of respondents who expect home prices to increase over the next year | 58% | 38% |
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| Key Market Indicators | Q4 2023 | Q4 2022 |
| Median days on market | 14 | 14 |
| First-time homebuyers, as percent of sales | 17% | 14% |
| Sales for non-primary residence use, as a percent of sales | 13% | 13% |
| Cash sales, as percent of sales | 31% | 29% |
| Off-market, as percent of sales | 3% | 12% |
| Average number of offers received on the most recent sale | 2.4 | 2.1 |
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| Buyer and Seller Trends | Q4 2023 | Q4 2022 |
| Percent of sellers moving somewhere else in current city/county | 38% | 40% |
| Percent of sellers moving somewhere else in Tennessee | 22% | 29% |
| Percent of sellers moving to a different state/outside of Tennessee | 41% | 31% |
| Percent of buyers moving due to relocation (such as for business or a job change) | 12% | 8% |
| Percent of buyers who were previously renting | 31% | 24% |
| Percent of buyers who are repeat homebuyers | 58% | 51% |
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| Other Market Indicators | Q4 2023 | Q4 2022 |
| Percent of buyers who waived at least one contingency | 63% | 55% |
| Percent of buyers who waived inspection contingency | 10% | 12% |
| Percent of buyers who waived appraisal contingency | 16% | 17% |
| Percent of contracts where appraised value met or exceeded the contract price | 92% | 93% |
| Percent of contracts in the past 3 months that were terminated | 7% | 6% |
| Percent of contracts in the past 3 months that had delayed settlement | 10% | 18% |
| Percent of contracts in the past 3 months that closed/settled on time | 82% | 76% |
| Percent of respondents who have worked with an investor buyer in the past three months | 36% | 40% |
| Percent of respondents who listed 3+ properties in the past month | 23% | 22% |
| Percent of respondents currently working with 3+ clients actively/seriously looking to purchase a home | 29% | 30% |
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| Source: East Tennessee REALTORS® | ||
| Note: Estimates based on East Tennessee REALTORS® quarterly Market Pulse Survey and MLS data. | ||
About the Survey
- The Market Pulse Survey gathers on-the-ground information about local market conditions from members of East Tennessee REALTORS® based on their client interactions and real estate transactions in the previous three months.
- The Market Pulse Survey is provided by East Tennessee REALTORS® solely for use as a reference. Reproduction, reprinting or retransmission in any form is prohibited without written permission.
- Media inquiries about the survey should be directed to Hancen Sale at hancen@etnrealtors.com.
Data Attribution: You are welcome to use or reproduce this survey data for your own purposes, but we ask that you attribute any full or partial use of the data to East Tennessee REALTORS® and include the time period when the survey was conducted.
| Copyright © 2024 EAST TENNESSEE REALTORS® |