The Tri-Cities $1-million plus housing market is showing signs of tightening. There was one closing in April. That’s five fewer than last year.  

Last month’s top sale was $1.2 million for a 4-bedroom, 3,635 sq. ft. newly constructed custom home in Johnson City’s Duncan’s Retreat community. The property was on the market for 100 days. According to the property description, every part of this home was carefully designed and constructed and given finishes you would only have with custom-built homes.

So far this year there have been 19 $1-million-plus sales. That’s three more than this time last year. This year’s top end of the market continues to show stable pricing and some noticeable shifts in pricing across key locations.

The median sales price has declined from $1.23 million last year to $1.12 million this year. That suggests a broader distribution of prices.

Sellers are adjusting their prices mid-listing but holding firmer on the final listing price. During the first four months of last year, the average discount was 11%. So far this year it’s 1.8%.

Johnson City’s high-end market continues to lead the region with stable demand, effective pricing and nine sales. The average discount from the original listing price has been 3.7% so far this year.

Jonesborough is in the No. 2 spot with seven sales.

Blountville stands out due to deep discounts that have averaged nearly 16% so far this year.

The bottom line is the high-end market shows sellers are exerting stronger price discipline than they did last year. The 11% to 1.8% shift in discounts also points to more realistic pricing.

 Year-to-date sales data show Jonesborough and Blountville are markets where there’s more bargaining room, while Johnson City and Elizabethton are strongholds of stable demand and minimal concessions.

There were five pending sales in the top-end market last month.

In mid-May there were 75 regional listening. That’s the largest number so far this year by four new listings.