Spring has arrived for the East Tennessee housing market, after several months of mixed signals. Sales and inventory surged in April despite lingering consumer uncertainty, and pending sales indicate continued momentum in May.

Our Q1 Market Pulse survey results show that members are cautiously optimistic, reporting increased sales, more first-time buyers and more balanced market conditions than last year.

After a slow March, April resembled the typical busy season. Sales jumped nearly 9% over April 2025 as sellers added fresh inventory. Buyers appear to be less sensitive to mortgage rate movements after enduring several months of weekly ups and downs. Encouragingly, pending sales were also up nearly 20% over last year.

For the second month in a row, the median home sale price has been lower than 2025 despite the increased sales activity; the nearly six-year streak of rapid price appreciation appears to be over.

Contrary to recent news articles, East Tennessee homes are not "overpriced." The list-to-sale ratio remains steady at 98.7%, and nearly half of homes sold at or above the list price in April.