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

East Tennessee Real Estate Market Update: November Trends Point to a More Balanced Market

As we moved through November, the East Tennessee real estate market continued to show signs of normalization—something we haven’t been able to say for several years. While this time of year traditionally brings a seasonal slowdown, the data reveals a market that is increasingly balanced, increasingly confident, and increasingly favorable for both buyers and sellers who are prepared.

New Listings Continue to Climb

Historically, November tends to bring fewer new listings to the market. However, this year followed a different pattern. New listings have been climbing, and November continued that upward trend. More sellers are stepping forward, and in many cases, those sellers will also become buyers—either locally or in another market. For buyers entering the market strictly as purchasers, this increase in inventory means more choices and less urgency.

Active Listings Show Steady Inventory Growth

Inventory continues to expand across the region, easing some of the intense pressure buyers have experienced in past years. We may not be in buyer’s market territory yet, but gone are the days of panic buying. With more competition among listings, sellers must be intentional about pricing and presentation. A home that isn’t positioned well from the start risks lingering on the market.

At the same time, both sides of the transaction need guidance as the market shifts. Conversations about inspections, appraisals, and renegotiations should happen early—before emotions run high. Preparedness is essential for keeping buyers and sellers at the table all the way to closing.

Sales Pending Reflects Steady Momentum

Sales activity continues to strengthen. 2024 outpaced 2023, and 2025 is already shaping up to outpace 2024. Increasing consumer confidence and more available inventory are major contributors. Buyers who paused during the 8% interest rate environment are returning with renewed motivation.

Closed Sales Show a Predictable, Healthy Pattern

Closed units this November outperformed the past two years when comparing the pipeline of homes that went pending in early fall. This is another strong indicator that the market is stabilizing. Sellers who feel uneasy about days on market or slower showing activity may need reassurance: demand isn’t declining—it’s simply less frenzied. Today’s buyers browse more, compare more, and often wait to see if better-suited inventory becomes available. Patience is now part of the process.

Months of Supply Ticks Up Seasonally

Months of supply naturally rises this time of year, largely due to the seasonal slowdown—not because of waning demand. The increase isn’t enough to move East Tennessee into buyer’s market conditions. Instead, the market is functioning steadily, with properties coming online and going under contract in a relatively consistent rhythm. Sellers can no longer rely on scarcity to do the heavy lifting, and buyers now have the luxury of choice.

Median Sales Price Remains Strong

For more than a decade, home prices in our region have increased year over year, and 2025 is no exception. There is no indication of softening or reversal. Thanks to strong migration trends and steady demand, East Tennessee continues to experience moderate, sustainable price growth. We are on track to finish the year at or slightly above where we began.

Average Days on Market Hold Steady

With more inventory available, it’s natural for the average days on market to increase—but the upward shift we saw last year has since stabilized. This reflects healthier inventory levels rather than slowing buyer interest.

Still, the takeaway for sellers is clear: to outperform the averages, a property must be positioned well from day one. Homes that lack preparation, presentation, or proper pricing will simply be bypassed.

Whether you’re considering listing your home, making a move, or simply curious about your neighborhood’s trends, I can help you navigate the market with clarity and confidence.

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