Cash sales are increasing in the local market as they are nationwide. But unlike the national tenor, they are not setting all-time highs. 

Last month NE Tenn. – SW Va. single-family existing-home sales declined from March and April last year. The median sales price was down from March and up almost 14% from April last year. 

According to Attom Data Solutions, cash sales accounted for 39% of sales during the first quarter in the Johnson City metro area and 35.3% in the Kingsport-Bristol metro area. That increased 12% from last year in Johnson City and 18% growth in Kingsport-Bristol. 

Nationwide cash sales accounted for 34.2% of Q1 sales, the highest level since Q1 2015 and up 32% from Q4 2021. 

Local cash sales were slightly higher they were in both local metros from Q1 2015. They were 8% better in the Johnson City metro area and 3% in Kingsport-Bristol.  

NE Tenn. – SW Va. cash sales peaked in 2013 when they accounted for 53.1% of Johnson City sales and 56.7% of Kingsport-Bristol sales. 

One noteworthy change in April’s cash sales dynamics was the average difference between the sales and list price. It was $611 above list. That’s the first time that’s happened so far this year. The avg. difference in Jan. was minus $7,552. In Feb., it was $3,953 below list. In April, it was $2,968 below list. 

Last month the only sales below the list price were an average $900 discount for USDA loans and three owner-financed sales. The average discount for those sales was $51,655.