The local hyper-competitive housing market has raised the benchmark for just about all existing home sales categories. Luxury homes sales are no exception.  

And the market for properties in the $700,000 to $1 million and over will likely get more competitive in the coming months despite higher mortgage rates, according to market experts. Even if rates reach the 5.75% level during the prime buying and selling season, that’s still a bargain compared to the historical average of 7.5%. 

Nationwide the percentage of homes selling for $750,000 to $1 and more topped 5% for the first time. During the 12 months ending on April 12, they accounted for 3% (237 sales) of all NE Tenn. – SW Va. sales. That is a little better than double the market share during the 12-months ending on April 15, 2021. 

Here’s how luxury home sales looked for the 12-months in mid-April for local city markets and their immediate surrounding area. 

Twin-Cities – 38 

Greeneville – 25 

Johnson City – 133 

Kingsport – 41  

Currently, there are 48 properties with a list price of $1 million or more. 

The most expensive – $9.9 million – is in Piney Flats.  

The Johnson City region has most of those listings (28), followed by Bristol (8), then Kingsport with 7, and Greeneville with 5.