A 2,800 sq. ft. Victorian home in Elizabethton was January’s top sale. The three-bedroom, three-bath home sold for $1.4 million.

The home included a formal dining room, chef’s kitchen and an outdoor entertainment space with a pool and gazebo. The primary suite is on the upper level and includes a sitting area, large ensuite bath with soaking tub and large walk-in closets. There’s a bedroom and a full bath on the main level.

The eight-room home is sited on 20 acres and surrounded by rolling hills, farmland, and woodlands.

There were six $1 million plus sales in January, two more than January last year.

A mid-February check showed 61 active listings for homes in the primary area covered by the Northeast Tennessee Realtors Association (NETAR) with list prices of $1 million or more.

The $500K and up price tier had 68 pending sales last month, compared to 48 this time last year.

New inventory in the luxury price range topped the other price ranges last month with 108 new listings, up 71.4% from last year.

There were 375 luxury homes in active inventory, which is the second largest listing volume in January. Active inventory in the $300K to $399,999K had 403 listings.

The $500K and up luxury market accounted for 11.7% – 901 sales last year.

The overall 2025 outlook for luxury homes is robust, supported by positive market sentiment, demographic shifts, and emerging lifestyle trends.

Luxury home prices are expected to rise faster than those in the move-up markets. The Generation X demographic is becoming the dominating force in this market segment due to intergenerational wealth transfers.

Another rising demographic for the luxury market is affluent women. And there is a persistent demand for multi-generation living areas that are often more plentiful than there are in the move-up and lower priced properties.