UC saw uptick in 2013 home sales; 2014 promising better returns?

UPPER CUMBERLAND – Home sales nationwide are expected to rise in 2014, and if recent year-to-year comparisons are any indicator, that looks to be the case in the Upper Cumberland as well.

Almost all residential home sale categories, according to data posted from the Upper Cumberland Association of Realtors (UCAR), reflected gains in 2013. The biggest boost came in total sold dollar volume. Sales for single-family residential were up 17 percent from 2012 for a total of more than $209 million, while multi-family units (duplex, triplex/fourplex and apartments) were up more than 30 percent.

Homes spent slightly more time on the market in 2013 – 163 days on average, compared to 160 days in 2012. But increases were conversely realized in the number of new listings (2,980 compared to 3,050), median sold price ($108,500 to $110,000) and average sold price ($122,864 to $129,976). As a comparison, the median home price in Tennessee for 2012 was $159,000, according to the most recent data from the Tennessee Housing Development Agency.

The numbers represent a nine-county section of the UC: Clay, DeKalb, Jackson, Pickett, Putnam, Overton, Smith, Van Buren and White.

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