East Tennessee's housing market continues to normalize, with sales climbing as the market settles into a more balanced, pre-pandemic pattern.

Pent-up demand has finally arrived. Home sales increased 14% over last year despite higher mortgage rates, suggesting buyers are moving forward with purchases driven by life changes rather than waiting for lower rates.

Inventory is gradually improving, but affordability challenges remain. While price growth has moderated, home prices remain well above income growth, limiting affordability for many households. 

The region's growth is becoming more sustainable. While migration remains positive, the pandemic-era surge has calmed, shifting the focus toward long-term planning.

Overall, East Tennessee's housing market is moving in the right direction, but lasting affordability will depend on creating more housing options that meet the needs of today's households.