Jan. home sales down, prices up 17% from last year

Home sales and prices were down from December’s strong close to the 2021 market. Market performance was less dramatic when compared to January last year.  

Closings were down 29.8% from December and 6.7% lower than January last year. Prices were down 4% from December but continued their double-digit increases (up 16.6%) from last year. 

“Much of January’s sales decline is a direct result of strong fourth-quarter sales that absorbed a slow five-month inventory gain and then some,” according to Rick Chantry, president of the Northeast Tennessee Association of Realtors. “The year began with fewer homes for sale than we’ve ever had and little let-up in consumer demand. We began February with a 1.1-month inventory of homes for sale on the market.” 

There were 567 closings last month compared to 808 in December. The average sales price was $244,234. “The volume of high-end sales continued skewing the average price,” Chantry added. January’s median sales price was $186,000. The median sales price is the market’s center. Half of the homes sold were for more. The other half were sold for less. 

Four of the primary city and submarkets had more sales than last year, three were unchanged, and eight had fewer sales. The median sale price was up in 10 markets and down in five. 

Sales ranged from 100 in Kingsport to eight in Blountville. Median sales prices ranged from an increase of 140.5% in Mountain City to a decrease of 26.2% in Church Hill. 

The typical home sale that closed in January was on the market was unchanged from December – 55 days. 

Here’s how the area primary city and submarkets performed in January compared to January last year. 

Erwin – 13 sales up 116.7%. Median sales price $160,000, up 18.5% 

Bristol VA – 21 sales, up 23.5%. Median sales price $130,000, down 13.3% 

Church Hill – 14 sales, up 16.7%. Median sales price $187,562, down 26.2% 

Greeneville – 41 sales, up 7.9%. Median sales price $191,000, down 12.2% 

Gray – 22 sales, no change. Median sales price $291,250, up 19.7% 

Mount Carmel – 11 sales, no change. Median sales price $205,000, up 49.6% 

Mountain City – 9 sales, no change. Median sales price $252,500, up 140.5% 

Jonesborough – 34 sales, down 2.9%. Median sales price $254,000, up 3.7% 

Johnson City – 74 sales, down 7.5%. Median sales price $214,000, down 1.3% 

Kingsport – 100 sales, down 9.2%. Median sales price $182,450, up 16.6% 

Elizabethton – 39 sales, down 9.3%. Median sales price $186,000, up 30.5% 

Bristol TN – 22 sales, down 18.5%. Median sales price $180,000, up 29% 

Piney Flats – 9 sales, down 25%. Median sales price $357,000, up 42.2% 

Rogersville – 12 sales, down 42.9%, Median sales price $192,450, up 14.2% 

Blountville – 8 sales, down 42.9%. Median sales price $201,450, down 8.6% 

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