MARKET PULSE – June’s top sale was $4.2 million cash deal in Butler
Don Fenley
A $4.2 million cash sale in Butler’s Horseshoe Cove was the region’s 36th $1 million plus sale in June. It also tops the luxury home sales category so far this year.
The 8,205 sq. ft. five-bedroom home sits on 1.69 acres and includes a boat slip. It was on the market for 91 days.
The lodge includes five bedrooms, all with private baths featuring high-end fixtures, bidets, and remote-start showers. There’s an oversized three-car garage, and a detached heated and cooled carriage house with a car elevator. The lodge has a flowing floor plan that includes a spacious main level and high-end finishing and amenities throughout.
There were eight closings on the top-end sales in June. Four of them were cash sales.
It was the third Butler sale in the $1 million dollar category.
Jonesborough has seen the most $1 million plus sales with eight closings, followed by Johnson City with six sales.
There are currently regional 82 listings with a $1 million or price tag. The account for 4% of the region’s total active listings.
In mid-July there was 13 months inventory in the $1 million and up price range. Most of the inventory – 31 listings – is in the Johnson City region. The next largest inventory – 21 listings – is in the Twin Cities. The Greeneville region had 17 listing in this price range and the Kingsport region had 13.
The $500K and up luxury market was down 19.2% in June and the mid-year sales are up 1.3%.
New listings in that market submarket is up 8.3% in June and 7.1% in the mid-year update.
Active inventory in June was up 34% on 386 total listings.
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 1,800+ 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