There were two $1 million plus sales last month. Both were more about the land than the homes.

At the same time, overall luxury home market made a strong rebound from January’s sales decline with a 33.3% sales increase, a 22% increase in pending sales, a 54% increase in new listings, and a 22% increase in inventory.

Last month’s $1.2 million top sale was in Mountain City. The Realtor’s descriptions gave notice that the two-bedroom, one-bath brick farmhouse needed updates. Included in the listing was 249 acres, with over 100 of it in pastures, several pole barns, sheds, and utility sheds on the property. There was also a metal barn, ponds, and springs and a second house “that could be remodeled.

It was a cash sale.

The second high-end sale was for $1,040,000 in Jonesborough. The two-bedroom, one-bath, home had 2,488 square feet of living space and sat on 85 acres, complete with outbuildings and sheds.

Most of last month’s luxury home sales were in the $500K to $600K price range. The top sale that was under the $1 million mark was for $940,000.

The luxury class median sales price was $600,000, and the average was $635,000.

The original price was reduced on 19 of the properties and there was another reduction on 27 of the deals during negotiations. The average was $29,381, while the typical reduction was $34,000.

So far this year, there have been 85 sales in the $500K and up price ranges, up from 83 last year. That’s a two-month growth rate of 2.4%.

It’s the second lowest year-to-date growth rate in the region. The lowest was in the $200K-to-$249,000 price range. It is down 1.4%.

So far this year, the best year-over-year growth rate is in the $180K to $199,999K price range. It’s up 68.2%.