Home sales slow in county

By Richard Greene | Published Saturday, October 20, 2018

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Home sales in Wise County took a big dip in September.

The month featured just 59 closings, down 28 from August and 21 from September 2017.

While home sales slowed, the number of listings increased to 314 from 305 the month before. The months of inventory also increased for the seventh straight month to 4.2 months. The figure represents how long it would take to deplete inventory assuming no new inventory is purchased or put on the market.

Homes spent 84 days on the market – 33 days less than September 2017.

The median price of the 59 homes sold was $236,500 – down $8,500 from August. The average home price was $15,500 more than the same month a year ago.

Of the homes sold, 31.6 percent fell between $100,000 and $199,999. Homes between $200,000 and $299,999 made up 28.1 percent of sales. Sales of homes between $300,000 and $399,999 were 17.5 percent of the market.

The average 30-year, fixed-rate mortgage Thursday is 4.85 percent, according to Freddie Mac. The rate was 4.53 percent in mid-August.

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