It’s a fact that the Tri-Cities area housing market is not as strong of a sellers’ market that it used to be. At the same time, it’s a fact that the market is changing. Buyers have more choices and a little more bargaining muscle in this transitioning sellers’ market.

With that said, I thought mid-year would be a good point for a capsule review of some of our primary markets according to data from Realtor® Property Resource (RPR). It produces some of the top real estate market data available.

A commonality among this RPR assessment is, “This market is currently experiencing a seller’s market. This means there are relatively fewer homes available for buyers, often leading to quicker sales and potentially driving up prices. For sellers, this is helpful as it suggests higher demand.”

Inventory below 4 months is typically considered a sellers’ market. A balanced market is 4 to 6 months of inventory.

Bristol VA

The city has 3.78 months of inventory. The inventory trends over the past month and year show slight increases of 16% and 41% respectively.

The median days on the market is 27.

The sold-to-list price ratio shows homes are selling for about 96% of their asking price.

Bristol TN

The current inventory is 3.06 months.

There has been a slight inventory increase of 5% over the past month and 35% over the past year.

With a median of 24 days on the market, homes in Bristol are moving at a steady pace.

Homes are selling for about 99% of their asking price, reflecting strong market demand. For buyers, this means there’s limited room for price negotiation.

Kingsport

Kingsport has 2.84 months of inventory. This means that demand is outpacing supply, which could result in competitive bidding.

The inventory has shown a slight increase over both the short-term and long-term, with a 19% rise over the past month and a 39% increase over the past year.

Homes are selling for about 123% of their asking price. 

The median days on the market is 17.

Johnson City

Johnson City has 2.39 months of inventory. Homes are selling faster than they are being listed, giving sellers a slight advantage.

The inventory trends show a mixed picture. Over the past month, inventory levels decreased slightly by 3%, while over the past year, there has been a modest increase of 40%. This suggests that while new listings are not keeping pace with demand in the short term, there is a longer-term trend of increasing availability.

Currently, homes are selling for about 112% of their asking price.

The median days on market is 14.

Elizabethton

With a current inventory of 2.55 months, Elizabethton is firmly a seller’s market. The inventory has seen a slight decrease of 6% over the last month and 4% over the past year, indicating a tightening market. This trend suggests that acting sooner rather than later might be wise.

Homes in Elizabethton are selling for about 112% of their asking price.

The median days on the market stand at 14.

Jonesborough

Jonesborough has 3.26 months of inventory. There are more buyers than homes available, which can create competitive conditions.

There’s been a slight inventory increase over both the short and long term, with a 3% rise in the past month and a 58% increase over the last year. Buyers should be prepared for multiple offers and consider pre-approval for financing to streamline the process.

Homes in Jonesborough are currently selling for about 99% of their asking price

The median days on the market is 9.

Rogersville

Rogersville currently has 3.78 months of inventory. First-time and move-up buyers are seeing increased competition. For those in the market to buy, it may mean acting swiftly when a desirable home hits the market.

Inventory trends over the past month show a slight decrease of 12%, while over the past year, there has been a minimal increase of 42%. The short-term decline suggests that the market is tightening.

The sold-to-list price ratio is currently at 97%. So, while there is room for negotiation, sellers are still able to secure prices close to their expectations.

Homes are spending a median of 36 days on the market. 

Church Hill

 Church Hill has 3.4 months of inventory.

There has been a short-term increase of 16% and a long-term increase of 45%. This indicates a gradual rise in the availability of homes.

Homes are selling for about 97% of their asking price.

The median days on market is 36 days. 

Bluff City

Bluff City’s inventory stands at 2.29 months.

The short-term inventory trend shows a decrease of 11%, with a longer-term decline of 26%. This continued reduction in inventory suggests that the supply of homes is tightening, reinforcing the seller’s market conditions.

Homes in Bluff City are selling for about 99% of their asking price.

The median days on market is 17. 

Blountville

Blountville current has 2.07 months of inventory

The inventory trend has shown a slight decrease recently, with a 17% drop over the past month and a 1% decrease over the past year. This continued decline indicates that the market is becoming tighter, reinforcing the seller’s market conditions.

Homes in Blountville are selling for about 98% of their asking price.

The median days on market for homes is currently 16.

Greeneville

Greeneville has the highest inventory in the region, 4.26 months. That indicates a balanced market. This means there is a moderate level of competition between buyers and sellers. In a balanced market, neither buyers nor sellers have a significant advantage, which can provide a fair playing field for negotiations.

There has been a slight inventory decrease of 6% in the short-term, but a modest increase of 48% over the past year. This contrasting trend indicates minor fluctuations in the immediate supply but a more stable increase over the longer term.

Homes are currently selling for about 97% of their asking price.

The median days on the market is 35, which suggests a steady pace of sales.