May best month of this year for townhome sales
GRAY, Tenn. – Townhome/condo said has their best month of the year during May.
There were 40 closings, up from 24 last year.
The median sales price was $197,500. This time last year it was $168,500.
Close to half of May’s sales (15) were all-cash deals at a median sales price of $235,000. That was an average of $3,293 above the list price. Those sales averaged 37 days on the market, from the listing date to the closing date.
Sales with convention financing led May’s market with 23 sales. They had a lower median sales price ($189,900) and wee on the market for 51 days.
Two sales with VA loans closed out the month. Those sales had a median sales price of $186,000 and were discounted $950 from the list price. The average time on market before they closed was 37 days.
Townhome and condo sales are increasing in popularity as an entry point for first-time and affordable home. They have also increased in popularity as a build to rent product. May’s median sales price was $57,500 less than the median sales price for an existing home.
Builders pulled 46 new residential permits for townhomes during the first four months of the year. Most of them (34) were in Johnson City. Twelve permits were from Kingsport. Building permits from other communities were not available.
Townhomes are becoming more popular for several reasons. As starter homes, they offer a balance between affordability and space. In most cases, they provide more room and privacy than apartments, while costing less than traditional single-family homes. This is particularly appealing to first-time homebuyers, smaller families, and those looking to downsize.
They also tend to be more energy-efficient, environmentally friendly, and require less maintenance than larger single-family homes. Overall, the benefits offered by townhomes have made them an attractive housing option for a growing number of people as they offer a great combination of affordability, space, location, and
Most of the townhome listings (42) are in Kingsport, Johnson City.
Many of the Johnson City listings were listed as pending available. Many were also three-bedroom units listed in the $250,000 and up price range. Some were for four-bedroom units in the $430,000 and up range.
Most of the Kingsport listings were also three-bedroom units but in the $250,000 and below price range.
Bristol TN has four townhome listings. Most were for two-bedroom units and under $200,000.
Elizabethton had one listing for a two-bedroom townhome.
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 1,600+ 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