Local condo prices up, sales down
Prices were up 9.5% for local condominiums and townhomes last year, but sales were down. Lack of inventory and the local preference for detached housing are the drivers for what’s a lackluster annual performance in comparison with other real estate segments.
There are more townhome/condo developments in the works. Whether they will be rentals or added to the for-sale inventory remains to be seen.
There have been federal efforts to make townhome and condo purchases more attractive to first-time buyers. It has shown some success in urban areas, but not as much in rural cities and metro areas where new residents are looking for more elbow room.
The average 2021 local condo sale yielded $9,947 more than the previous year. the average list price was $207,969 and the sales price was $161,092. The average list price during the previous year was $186,218, and the sales price was $151,343.
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