Powell, TN housing market

Nearly three in ten Powell listings have already cut their price, and that tells you almost everything about this market right now. Something doesn't add up in Powell, and it's the gap between what sellers are asking and what homes are actually worth. The typical home here is worth about three hundred sixty-six thousand dollars, up roughly 2.3 percent over the past year. But the median list price is sitting near four hundred fifteen thousand dollars. That gap explains the next number: about 28.5 percent of active listings have already cut their price. Sellers are reaching, buyers are pushing back, and the market is trimming the difference. Even so, this isn't a stalled market. Homes that sell are moving in about 39 days, and with only 82 homes for sale and 44 new listings coming on, supply is still limited. Values holding with modest gains tells you demand is real, just not at any price. The takeaway for Powell sellers: the market will pay a fair number quickly, but it will not chase an ambitious one. Price at the value, not above it, and you'll likely be under contract in about five weeks.