Let’s be honest a lot goes into selling a house, making repairs, touching up paint, staging, and adding some curb appeal. But all that effort and hard work may not pay off if you list your home during the worst time of the year to sell a house in Tennessee. Time of year plays a significant role in the success of your home sale. So if you’re wondering why your house has been sitting on the market for months without an offer, that could be the reason.
Whether you’re looking for tips for first-time home sellers or are doing your research trying to figure when would be the best time of the year to sell your property, you came to the right place! We’ll take a look at the best and worst times of year to sell your house and specifically which month you should avoid and which month is ideal to sell a home in TN. So let’s get started.
Tennessee Real Estate Overview
To begin, let’s take a look at the real estate market in Tennessee. Parts of Tennessee like Knoxville, Nashville, and Chattanooga have seen an increase in housing demand making this a seller’s market. Because of COVID-19, the real estate market in 2020 was unlike previous years, the highest median sale price in Tennessee was $285,000, making October the best month to sell. Although the median house sale price is still staying above average in 2021, based on previous trends, October may not be the best month to sell this year.
The graph below shows median sale price trends in Tennessee during 2020.
|Month||Median Sale Price in TN|
|Annual average sale price in Tennessee||$269,345.00|
*Based on data gathered from Redfin
How Much Should You List Your House For?
The local real estate market will play a role in what you’ll be able to list your house for. If you’re unsure how much your home is worth, calculating the true value of your Knoxville home can be tricky. Make sure to do your research, consider the condition of your home, and look at what other houses have sold for in your area.
Real estate agents can provide you with some insight on a reasonable listing price for your place, but usually with the intention of being the listing agent. So if you want to sell by owner, it will be up to you to determine a reasonable price to list your house for. However, you’ll want to be cautious of any of the free home estimates available online, they usually aren’t accurate assessments of your property value.
If you’re not sure of the actual value of your home, you can always get an appraisal done to determine what your Tennessee property is worth.
Average Time To Sell in Tennessee
While researching the Tennessee real estate market, something else to keep in mind is the average time it takes to sell a house. Currently, the average time it takes to sell a home in Tennessee is 89 days- 54 days to receive an offer and an additional 35 days to close. This is approximately 9.9% faster than the national average. However, these are annual averages, and the numbers will vary by month or season- which we’ll dive into a little bit more later on in this article.
Evaluate the Competition
As you research more about your local market, you’ll also want to evaluate other properties listed in your area. What condition are the houses in? Do they have updated kitchens and bathrooms? Did they stage the home or add any curb appeal. These are all things that can affect your sale and increase your chances of selling sooner and possibly for more money.
Related Article: 5 Improvements That Boost Home Value Before Selling
Just keep in mind that the cost of renovations can get pricey depending on what needs to be done to your place, especially if you need to make several major repairs. In these instances, you may want to consider selling your house as-is instead.
To increase your chances of a successful home sale, let’s take a look at the best time of year to sell your house in TN and what time of year you should avoid.
Best Time of the Year to Sell Your House in TN
Figuring out the best time of year to sell a house is subjective, the best time to sell is when it’s right for you. So if you’re still unsure if now is the time to sell, check out these 8 Signs It Is Time To Sell Your House In Knoxville, TN, to determine if it is.
Ultimately, the “right” time depends on your specific goals and circumstances. In general, homeowners are looking to sell high and fast. If that’s the case for yourself, then you’ll want to list your home during the late spring through late summer.
Worst Time of the Year to Sell Your House in TN
Selling during the worst time of the year could mean more days on market, fewer prospective buyers, and accepting a reduced sale price. Generally, starting in October, the market begins to see a slow down in buyer activity. But ultimately, the time of year you’ll want to avoid when trying to sell a house in Tennessee is during the months of December through March. These months see lower median sale prices and more days on the market before receiving an offer. However, there are a few advantages to selling during the worst time of the year, which will explain more below.
Best Month of the Year to Sell Your House in TN
Now that you know when the best time to sell a house in Tennessee is, it would be helpful to know specifically which month you could have the most success. The month that consistently shows fewer days on the market and sells for close to listing price is the month of June. So if you’d like to sell during the best month of the year, you’ll want to start getting your house ready to list in May so that you can sell in June. Houses are said to sell 7-days faster during the month of June compared to other months.
For reference, the median days on the market in TN for the month of June is 52-days, which doesn’t include a 35-day closing period. Total that comes out to roughly 87-days to sell a home in TN during the best month of the year.
→ Need to sell your house faster than the 87-days in Nashville? Cash Home Buyers Nashville can help!
Worst Month of the Year to Sell Your House in TN
Chances are, if you sell during the worst time of the year, you will see more days on the market before finding a buyer, and your house may sell for less. To bypass selling during this time of year, you’ll want to avoid listing your home during the month of January. The median sale price in Tennessee is lower during this month, and the median days on the market is 74-days. While you’ll want to try to avoid this month, a close second runner-up is the month of February. So ideally, you’ll want to avoid listing your Tennessee home during these two winter months.
For reference, the median days on the market in Tennessee for the month of January is 74-days and February is 76-days, which doesn’t include a 35-day closing period. Total that comes out to roughly 109 to 111-days it could take to sell a property in TN during the months of January or February.
Selling Your House in the Winter or The Summer?
While selling during the summer months seems to have several advantages, don’t be discouraged if you end up listing during the winter months, we’ll explain below why it may not be all that bad. Take a look at these seasonal considerations:
- Spring: During the spring season, you’ll start to see an increase in buyer demand but also see an increase in inventory- which can mean more competition.
- Summer: Inventory and competition level still remains high, but buyers with children will be highly motivated to move before the new school year starts.
- Fall: A decrease in real estate activity is noticed in TN, but the level of competition amongst sellers drops off as well.
- Winter: This season is the slowest time of the year for the Tennessee real estate market. That said, off-season buyers are usually more qualified and serious about purchasing a home.
Related Article: Summer 2021: The Top Things to Do In Knoxville This Summer
Timing when to put your place on the market is key to help increase your chances of a fast sale, but unfortunately, other factors may play a role in your sale too. Unless your home is in great condition, you may have a more challenging time selling a place that is flooded, has foundation problems, or is a condemned property. Hiring a real estate agent to sell your home or trying to sell by an owner doesn’t guarantee a fast home sale either.
If you’re looking for ways to “sell my house fast Tennessee,” Nexus Homebuyers can help! They can make you a cash offer for your home within 24-hours and close on your schedule, whether that’s during the best time of year to sell your house or worst. They are a “We Buy Houses Knoxville” company that is a BBB accredited business and will purchase your home in as-is condition, no repairs required. Besides providing you with a faster way to sell your home, they also don’t charge real estate commissions or services fees common with iBuyer transactions. So if you’re looking for a guaranteed offer and fast closing, you’ll want to contact Nexus Homebuyers today.