A 26% jump in Town housing sales prices from ’20 to ’21
Average house time on market drops from 48 days in ’20 to 15 days in ’21
Though hardly surprising that Town of Farragut’s housing market is indeed a seller’s market, Town administrator David Smoak fleshed out “remarkable” statistical data when comparing the last two years.
In 2020 “there were 630 sales, housing cost sales, in Farragut. Total volume was $284,000,000; that’s a $451,000 average sales price. In 2021 there was actually less volume, 566, but a total (volume) of $327,000,000 — the average sale price was over $569,000 last year, which is about a 26 percent increase over 2020,” Smoak announced during his address concerning Town affairs at the monthly Shop Farragut-Farragut Business Alliance meeting Wednesday morning, Jan. 12, in Town Hall Community Room.
“But here’s the remarkable thing: in 2020 the average days on the market (for a home) was 48 days; last year it was 15,” he added. “... It definitely shows how hot the market’s been here locally during the past year.”
Aldi first in Town Center? McFee Park update
“Aldi is currently under way as part of the Town Center development at Biddle Farms,” Smoak said about the popular high-end grocery store chain. “... Their contractor has that under way.
“They’re looking at probably early summer for an open date,” he added. “... They have to get the roads and parking connected, make sure it’s safe. The whole development will be connected at this point.”
When asked about the progress of McFee Park’s Phase 3 completion by Farragut Mayor Ron Williams, Smoak said, “... We should have parts of it open, I would think, in the next, hopefully, month or two.”
