April 2025 Real Estate Market Update: What You Need to Know

East Tennessee Real Estate Market Update – April 2025

As the weather warms up, the East Tennessee housing market is beginning to bloom—with more listings, more activity, and plenty of opportunity. But before you make your move, it’s important to understand what’s really happening in the market.

Whether you’re a hopeful buyer or a ready-to-sell homeowner, here’s what the latest stats mean for you:

More Homes Are Hitting the Market

New listings continue to rise, and if the trend follows previous years, we’ll likely see a peak in June or July. For buyers, this is good news: more listings mean more options. But with more inventory, we also tend to see more buyers jump back in—especially those who’ve been waiting on the sidelines. That means competition may heat up again.

For sellers: With fresh inventory entering the market, pricing your home correctly from day one is more important than ever. The first week is crucial, attracting the most serious and ready buyers. Miss that window, and your home may linger longer than expected.

Active Listings: More Exposure, More Competition

We’ve seen a rise in active listings this year. This increase is a good sign—more homes are being marketed through the MLS, where they’re widely visible to buyers and agents alike. It also means buyers have more time and options to explore.

For sellers: More listings = more competition. Make sure your home is well-staged, priced accurately, and marketed effectively to stand out.

Pending Sales Are Back to 2021 Levels

The number of homes going under contract is nearly identical to what we saw in 2021 and 2022—two of the busiest years in real estate. Although this year’s growth has been more gradual, buyers are clearly making moves.

For buyers: Be ready to act fast when you find the right property. For sellers: A well-priced home in good condition is still moving quickly.

Closings Are Lagging Behind

Despite strong pending numbers, closed sales haven’t caught up yet. Why the gap? Several factors may be at play: tougher negotiations after home inspections, appraisal challenges, and financing hurdles—especially as costs like interest rates and commissions shift.

For both buyers and sellers: Clear communication and realistic expectations are key. Know what’s negotiable, and work closely with your real estate professional to craft a strong, fair contract.

Inventory Is Growing, So Strategy Matters

The months of supply—a measure of how long it would take to sell current inventory—has increased. More listings and slower sales mean sellers must work harder to capture buyer attention.

Sellers: A sign in the yard and an MLS listing isn’t enough anymore. You need a smart marketing plan and a seasoned agent.

Prices Are Holding Steady

The median sales price held flat compared to last month. That means buyers don’t have the upper hand to start lowballing offers—and sellers can’t overreach with unrealistic asking prices.

Buyers: Expect fair market value, not deep discounts. Sellers: Stick to pricing based on comps and condition.

Time on Market is Growing

On average, it’s taking a little over two months from listing to closing. Most homes are spending about 30 days on the market before going under contract.

Sellers: Stay informed and engaged with your agent. Local market trends, price point, and home condition all affect how quickly your property moves.

Whether you’re buying or selling, the East Tennessee market is active and evolving. The key to success is working with a real estate professional who understands the trends and can guide you through each step. Wallace agents are here to help you navigate this season with confidence.

As always, working with a knowledgeable real estate professional can help you navigate the nuances of this dynamic market. Whether you’re looking for your first home, selling your current one, or simply curious about market trends, I’m here to help you navigate this evolving market.

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