Rhome Home Values

Homes in Rhome closed markedly faster this quarter, with median days-to-close falling to 44 -- down from the roughly six weeks reported last month and well under Wise County's typical two-month pace. Based on MLS data for July 2026 closings in Rhome, the limited sample of about 50 transactions directionally suggests sellers gained a measure of pricing leverage: a little over half of buyers closed below the original list price, a pullback from nearly two-thirds a year earlier, while concession frequency eased alongside it. Price per square foot held near $189, a modest step up from the trailing annual figure, and sellers collected close to 98 cents on every listed dollar -- continuing the gradual firming that began last quarter.

For the second straight month, Rhome's forward pipeline pulled back further: pending contracts fell to just nine, extending a decline from roughly two dozen a month earlier and running well below the trailing annual quarterly pace. New listing activity also eased to about 66, a slower clip than the pace set last quarter, even as months of supply held near five and a half -- still less than half of Wise County's nearly ten-month overhang. The thinning pending count alongside softer new-listing volume points to a market absorbing existing inventory faster than fresh supply is arriving.

While Wise County sellers conceded to buyers on roughly half of deals last quarter, Rhome's sellers gave ground on six in ten closings — a meaningful divergence from its county surroundings. Based on MLS data for June 2026 closings in Rhome, the directional picture from approximately 50 transactions shows sellers contributing an average of just over $8,300 per deal, with roughly two-thirds of buyers closing below the original asking price. Homes averaged about 61 days on market, and sellers received nearly 97 cents on the dollar — slightly above the county pace. The elevated concession frequency suggests Rhome's negotiation environment remains more buyer-favorable than Wise County as a whole.

Rhome's supply conditions diverge from Wise County in a notable way: at roughly six months of supply against the county's nearly ten, Rhome is absorbing listed homes at a meaningfully faster rate — though both markets remain buyer-favoring. The pipeline balance stays strained: more than 80 new listings entered the market this quarter against just 22 pending contracts, sustaining a wide supply gap. That active-to-pending imbalance is keeping absorption gradual and suggests the conditions supporting elevated seller concessions will persist heading into late summer.

Price per square foot in Rhome closed the most recent quarter near $190 — roughly three percent above the trailing annual average — yet year-over-year sale prices have declined sharply, suggesting a mix shift toward larger homes rather than a recovery in underlying value. Based on MLS data for May 2026 closings in Rhome, the limited sample of approximately 45 transactions directionally points toward continued seller concessions: six in ten deals included a seller contribution averaging just under $8,000, and more than seven in ten buyers closed below the original asking price. Sellers gave back about three and a half cents on the dollar at the negotiating table, and homes sat an average of 67 days before closing.

With just 22 pending contracts against 87 active listings, Rhome's pipeline reflects more supply than near-term demand can absorb — new listing activity outpaced pending contracts by a wide margin this quarter. Months of supply has climbed to nearly six, placing the market in buyer-favoring territory. Notably, that figure remains well below Wise County's broader supply overhang of roughly ten months, suggesting Rhome is absorbing listings at a comparatively faster pace even as the pipeline imbalance persists heading into summer.