Tri-Cities high-end home market shook off April’s doldrums in May with stronger demand, quicker sales, and a dramatic price improvement. A detailed comparison with May last year shows sales volume stability, considerable gains in market velocity and pricing. Washington and Sullivan counties were the stand-out examples of last month’s market pace, according to the Northeast Tennessee Association of Realtors (NETAR).

Last month’s top sale was in the Sanctuary in Johnson City. The five-bedroom, five-bath, 5,661 sq. ft. home sold for $2.1 million.

Market Overview

• Total Sales: They were flat at 11 transactions in both May 2024 and May 2025.
• Average Sale Price: Rose from $1.25 million to $1.43 million –  14.7% increase.
• Median Sale Price: Jumped from $1.1 million to $1.39 million – a 26.4% increase.
• Average Days on Market: Dropped dramatically from 108 days to just under 60—a 45% improvement.

County-Level Highlights

Sullivan Co.

• Sales surged from two in May 2024 to five last month.
• Average price rose from $1.34 million to $1.47 million.
• Median price grew from $1.34 million to $1.43 million.
• Average days on the market fell significantly from nearly 199 days to just 57.

Washington Co.

• The city maintained five sales in both years.
• Average price increased from $1.16 million to $1.35 million.
• Median price rose from $1.05 million to $1.18 million.
• The average time on market increased slightly—from 42 days to 74, likely due to a mix of older inventory being sold alongside new listings.

Greene Co.

• Logged one sale in each year.
• The 2025 sale price climbed to $1.65 million from $1.3 million in 2024.
• The most recent home sold in just one day, compared to 19 days last year.

Carter and Unicoi counties

• There were no sales last month after logging one or two transactions in May 2024. This could reflect seasonal variation or lower inventory rather than waning demand.

Inventory Trends and Market Outlook

Inventory constraints remain a key challenge in the $1 million-plus segment, particularly in counties like Carter and Unicoi. However, active buyer interest is clear in Sullivan and Washington counties, where elevated pricing and shorter market times suggest strong demand absorption.

That inventory constraint eased a little this month. In mid-June there were 95 local listings for properties with a $1 million or more asking price. That best inventory the high-end market has seen so far this year.

The combination of rising prices and faster sales suggests growing buyer confidence and stronger overall demand for luxury real estate. If this momentum continues, the high-end market may see even more aggressive pricing and shorter listing periods in the coming months.

As we head into the summer season, all eyes will be on inventory levels and whether they can keep pace with the increasingly brisk appetite for upscale homes, said NETAR President Wayne Porter.