Market Pulse – Townhome-Condo Segment Has Best Market Gain
Don Fenley
The townhome-condo housing market segment was the property type with the largest gains in April. Prices were up 13.3% with the $150K-$250K price range selling the quickest as first-time buyers, investors, and affordability buyers competed.
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Across the market, the percentage of list price sellers are getting ranges from the upper 90%.
Johnson City dominates sales in this segment and sports two months of inventory, up 185.7% from this time last year. So far this year, 67 sales have closed, bringing the four-month tend to an 8.1% sales increase. The single-family year-to-date trend rate is up 6.9%.
Bristol, TN is also a high-performing townhome-condo market. So far this year 16 sales have closed. That’s a 20% increase over the first four months of last year.
Region wide, the median sales price in April was $212,450, up 11.9% from last year. The four-month price trend was flat.
Inventory in the TN/VA Multiple Listing Service area was at 2.3 month.
Although this segment is typically more affordable, it suffers from the same inventory crunch as the single-family detached properties. And since many – if not most properties – are multiple stories, it lacks the appeal to the market’s aging owners to move sales higher.
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