July brought a slight increase in new listings compared to June, giving buyers fresh options heading into late summer. However, trends suggest new inventory could slow as we move into fall—making now a great time for buyers to act while choices are at their peak.
Active listings continue to climb, and historically, August is the month when buyers have the most options. This year appears to be no different—right now may be the best selection of homes we’ll see in 2025.
After a slower May and June, July saw an uptick in pending sales, which should set the stage for a stronger August in terms of closings. While July closings were down compared to earlier months, they still surpassed 2023 and 2024 levels, signaling that buyers are adjusting to the current interest rate environment.
Months of supply have remained between 5–6 all year, reflecting a balanced market overall. In the luxury sector, supply is above 9 months—an indicator that conditions may be shifting toward buyers.
Median sales prices have stayed steady since early 2024, and homes are taking slightly longer to sell. This is likely due to the surge in inventory earlier this summer. Well-priced listings—especially in the luxury market—will be key to attracting today’s buyers.
Bottom line? Buyers currently enjoy the most selection of the year, and sellers who price strategically have an excellent opportunity to capture motivated summer-to-fall buyers.
If you’re considering a move, this is a great time to work with a trusted real estate professional and approach the market with clarity. Whether you’re looking for your first home, selling your current one, or simply curious about market trends, I’m here to help you navigate this evolving market.
*Stats provided with permission from the East Tennessee Realtors Multiple Listing Service. As reported by Claudia Stallings, Wallace Real Estate COO.
