Tri-Cities’ hot housing market shows some cracks

Published 2:36 pm Tuesday, September 6, 2022

The Tri-Cities area’s red-hot housing market is beginning to show cracks. August sales were down from last year, and the sales price increased. But the trend is slowly turning toward a transitioning market.
“There have been fewer closings than last year every month since March,” said Rick Chantry, Northeast Tennessee Association of Realtors (NETAR) president. “In March, they were down by 47. They slowly increased to 201 last month. And while price growth rate has flattened for three months, they’re not coming down. Homeowners also lowered their asking price for about one-in-three sales.”
There were 778 closings in August. That’s 31 fewer than July and 176 fewer than August last year.
August’s typical existing home sales price was $245,00, unchanged from July and $33,500 more than August last year.
Active inventory was up from July and August last year. But it was a tiny increase. At the end of August, the region had 1.6 months of inventory. That was an additional 17 listings from the previous month and 27 more than last year.
The typical home sale that closed in August was on the market for 45 days. The average listing went under contract in two weeks or less.
Chantry said homeowners reduced their price on 307 sales last month. The typical reduction was $11,950.
There were 228 sales above the asking price. The typical amount over was $9,850.
Sales in the region’s 16 city and community submarkets were down with two exceptions.
August sales prices were up in all submarkets except Bristol, Va., and Mountain City.
Elizabethton showed 41 sales in August with a median price of $225,000. To date, 229 homes have been sold this year in Elizabethton at a median price of $191,000
Other home sales in the Tri-Cities in August were: Blountville, 16; Bluff City, 12; Bristol, Tn., 43; Bristol, Va., 22; Church Hill, 12; Erwin, 13; Gray, 21; Greeneville, 63; Johnson City, 115; Jonesborough, 43; Kingsport, 110; Mountain City, 11; Mt. Carmel, 7; Piney Flats, 8, and Rogersville, 17.

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