Blountville tops area sales growth rate; Church Hill leads median price growth
Kristi Bailey 2020 NETAR President
Although our regional housing market is showing some month-over-month sales slowing, it’s on track for another record year. And with only three months before year’s-end, the performance of the region’s 12 sub-markets continues to show the most vigorous growth outside the two largest markets – Johnson City and Kingsport.
A drill-down shows eight of the 12 submarkets outperformed the area’s 13.7% year-to-date sales growth rate. Seven exceeded the region’s 16.1% median sales price growth rate. The growth rates are representative of only the identified submarket and not necessarily representative of how that market’s competitiveness with other submarkets.
The Northeast Tennessee Association of REALTORS®’ (NETAR) quarterly submarket report gives members and consumers a more precise picture of how sales and prices are progressing. The submarkets account for 74% of all sales.
Here’s how those submarkets – ranked in order of their sales growth rate – looked at the end of the third quarter:
BLOUNTVILLE continues dominating this year’s sales growth rate. So far, it’s up 54.5% from the first nine months of last year. The median existing-home resales price is $233,750, up 16.9% from last year.
ELIZABETHTON has the second-best sales growth rate – up 34%. The city’s $172,000 median sales price is 16.4% better than last year.
THE TWIN CITIES has the best growth rate – up 22.8% – of the region’s larger cities. The median sales price of $170,00 is up 15.7% from last year.
ERWIN has the smallest existing homes market share of all the submarkets – 1.9% – but continues performing at the top of the sales growth rate category. It has a sales growth rate of 18.4% for the first nine months of this year. The median existing-home sales price of $157,500 is up 1.6%, the lowest of all the submarkets.
ROGERSVILLE is getting its share – and then some – of the new residents relocating to the region. It has the distinction of having a 17.9% sales growth rate, and its $170,000 median sales price growth rate is also 17.9%.
GREENEVILLE has recorded a 16.6% sales growth rate so far this year. Its $206,250 sales price growth of 23.5% is second-best among submarkets.
JONESBOROUGH’S 16.2% sales growth rate is close to the 15.1% growth rate of its $276,000 median sales price. That’s the closest proximity of sales and price growth rates of the submarkets.
CHURCH HILL home sales are up 16.1% this year. Sales have been eclipsed by a 26.1% median sales price growth, which is the best in the region. The current year-to-date median sales price is $191,000.
JOHNSON CITY is the region’s second-largest market when ranked by the number of existing-home sales. It has an 11.6% sales growth rate. Its $210,000 median sales price is up 14.8% from last year.
GRAY has become a staple in the existing and new homes growth pattern of Washington County. So far this year, sales are up 10.1%, and the $283,250 median sales price is up 18.1%.
KINGSPORT has the highest number of existing-home sales in the region. That growth has consumed much of the city’s existing home inventory. The Sept. year-to-date sales growth rate is 8.8%, and the $184,948 median sales price is up 12.1%.
PINEY FLATS continues to be a new home hot spot while it has the lowest nine-month sales growth rate of all the submarkets – 5.5%. At the same, its $299,900 median sales price ranks fourth highest of the 12 submarkets and represents a 17.9% increase over the first nine months of last year.
NETAR is the voice for real estate in Northeast Tennessee. It is the largest trade association in the Northeast Tennessee – Southwest Virginia region representing over 1,500 members and 100 affiliates involved in all aspects of the residential and commercial real estate industries. Pending sales, Trends Reports, and the regional market analytics can be found on the NETAR websites at https://netar.us/voice-real-estate-northeast-tennessee.
NETAR is the voice for real estate in Northeast Tennessee. It is the largest trade association in the Northeast Tennessee, Southwest Virginia region, representing over 1,600+ members and 100+ business partners involved in all aspects of the residential and commercial real estate industries. Weekly market reports and information for both consumers and members are available on the NETAR website at https://netar.us