The top of November’s luxury existing home market was a $3.6 million cash sale in Johnson Co. Seven other million-dollar closings nudged the year-to-date total to 44, according to the Northeast Tennessee Association of Realtors (NETAR).

Although the million-dollar club isn’t as robust of last year, it’s gaining momentum. During the first 11 months of last year, the sales total was 61.

Three Nov. million-dollar sales were cash deals. Sellers cut their price on four properties. The largest discount was $1.2 million for the $3.6 million top sale. Others ranged from $19,500 to $150,000. Three sales went for the list price.

Washington Co. TN, Sullivan Co. and Johnson Co. had two million-dollar sales each. Hawkins Co. and Washington Co. VA had one sale.

Cash has been the preferred purchase method for 26 (59%) of the million-dollar sales so far this year. During the first 11 months of last year, there were 27 cash sales.

Last year’s top sale was $5.1 million. So far this year, it’s $4.4 million.

The local market performed in sync with the luxury market nationwide until the third quarter, when buyers picked up the pace. According to the November Institute for Luxury Home Marketing Report, “there’s little doubt the luxury real estate market is still facing some interesting challenges, resulting in both sellers and buyers remaining decidedly on the fence. However, there are no expectations of a sudden or dramatic change.”

Currently, there are 70 million dollar and million dollars plus Tri-Cities area listings.

The top listing is in Bristol, VA for $7.5 million.

The same sales quickening at the top end of the market is consistent with the pace of the overall luxury market. And the same thing is being reported in construction loans in the million dollars plus price range.

According to NETAR’s November Home Sales Report, there were 55 sales in the $500K and up price range last month. That’s up 31% from last year. The year-to-date total in that price range is 742, up 2.2% form last year.

Active listings, pending sales and new listings are also up.

There were 58 pending sales in the luxury market last month, up 38% from last year.

New listings (94) were 25% higher than last year.

Total inventory in the luxury market was 358 last month, up 25% from last year.