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.

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.