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Q3 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 Q3 2024 iteration of the survey was conducted online from September 13-20, 2024, and received a total of 217 responses.

Key Findings

  • Buyer traffic continued to decrease in the third quarter of 2024. Fourteen percent of respondents reported seeing more buyer traffic than this time last year, compared to 16% last quarter. Conversely, seller traffic increased with 29% of respondents reporting more seller traffic than this time last year, compared to just 17% last quarter.
  • REALTORS® expectations about buyer and seller traffic over the next three months remained relatively even in the third quarter of 2024. 24% of respondents expect more buyer traffic than this time last year, compared to 22% last quarter. Expectations about future seller traffic, increased with 30% of respondents expecting seller traffic to increase compared to this last time last year.
  • The typical home sold in Q2 2024 received an average of 1.9 offers, less than a year ago.
  • There was a slight recovery in the percentage of REALTORS® who expect home sales will increase over the next year with 41% supporting this whereas in Q2 2024 35% of REALTORS® expected an increase in home sales.
  • 61% of REALTORS® expect home prices will increase over the next year, while 14% expect no change and 25% expect prices to decline over the next year.
  • All-cash sales represented 29% of all home sales in Q2 2024, which has remained stagnant over the past year.
  • 56% of buyers in the past three months waived at least one contingency in their purchase contract, down from 63% a year ago, but up from 53% in Q2 2024.
  • Among homes that went under contract in Q2 2024, 4% had an appraised value that was less than the contract price. This has decreased in this quarter compared to the past year.

Market Outlook Q3 2024 Q3 2023
Percent of respondents who expect a year-over-year increase in buyer traffic in next 3 months 24% 37%
Percent of respondents who expect a year-over-year increase in seller traffic in next 3 months 30% 29%
Percent of respondents who expect home sales to increase over the next year 41% 50%
Percent of respondents who expect home prices to increase over the next year 61% 58%
Key Market Indicators Q3 2024 Q3 2023
Median days on market 15 14
First-time homebuyers, as percent of sales 17% 17%
Sales for non-primary residence use, as a percent of sales 15% 13%
Cash sales, as percent of sales 29% 31%
Off-market, as percent of sales 9% 3%
Average number of offers received on the most recent sale 1.9 2.4
Buyer and Seller Trends Q3 2024 Q3 2023
Percent of sellers moving somewhere else in current city/county 38% 38%
Percent of sellers moving somewhere else in Tennessee 16% 22%
Percent of sellers moving to a different state/outside of Tennessee 46% 41%
Percent of buyers moving due to relocation (such as for business or a job change) 14% 12%
Percent of buyers who were previously renting 27% 31%
Percent of buyers who are repeat homebuyers 57% 58%
Other Market Indicators Q3 2024 Q3 2023
Percent of buyers who waived at least one contingency 56% 63%
Percent of buyers who waived inspection contingency 10% 10%
Percent of buyers who waived appraisal contingency 20% 16%
Percent of contracts where appraised value met or exceeded the contract price 96% 92%
Percent of contracts in the past 3 months that were terminated 3% 7%
Percent of contracts in the past 3 months that had delayed settlement 16% 10%
Percent of contracts in the past 3 months that closed/settled on time 82% 82%
Percent of respondents who have worked with an investor buyer in the past three months 42% 36%
Percent of respondents who listed 3+ properties in the past month 29% 23%
Percent of respondents currently working with 3+ clients actively/seriously looking to purchase a home 28% 29%
Source: East Tennessee REALTORS®
Note: Estimates based on East Tennessee REALTORS® quarterly Market Pulse Survey and MLS data.
Copyright © 2024 EAST TENNESSEE REALTORS®
For questions about the survey or its contents, please contact Catrin Latham at catrin@etnrealtors.com.

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 communications@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®