News
January 19, 2018

Area existing home sales exceed $1 billion for second year

An expected dip in December home sales didn't prevent the regional housing market from setting a multitude of records.

Total residential resales, the average sales price and the total sales volume in dollars were the highest since 2008 when the Northeast Tennessee Association of Realtors (NETAR) began its monthly Trends Report. At the same time, single-family resales were joined by condominium and townhome resales for new annual highs. The average single-family price was at a nine-year high.

According to NETAR's Trends Report, there were 6,826 residential resales last year compared to 6,092 in 2016. The annual sales volume was $1.1 billion, up $75 million from 2016.

Single-family resales rose to 6,239, up 2.3% from 2016, and the annual average sales price was $166,456, up 3.5% from 2016.

Condominium and townhome sales totaled 587, up 28.2% from 2016. The average sales price was $120,718, down 0.2% ($183).

"It was a remarkable year when you consider that our inventory was tighter than most real estate professionals can remember for over half the year. But despite the inventory pinch housing remains very affordable," said NETAR President Aaron Taylor.

Taylor thinks some of the same challenges buyers and sellers face in 2017 will stick around this year. In December the region had 4.7 months of inventory on the market. "That should improve as we approach the prime buying and selling season, but we think tight inventory conditions will stick around, Taylor said. "There's also some tailwinds that will help out. New home construction is picking up, and that gives resale inventory some relief. And despite some population growth challenges, I think we're seeing some new household formations due to the improving economy. And, both the number of homes that have no mortgage and the equity-rich position of homeowners who have mortgages point to room for additional market growth," he added.

Here's a look at how the annual city and county 2017 single-family resales and average prices looked compared to 2016.

CITY MARKETS:

Johnson City: Sales – 803, down 43. Avg. price - $222,687, up $14,316

Kingsport: Sales 672, down 2. Avg. price - $171,741, up $9,656

Bristol TN: Sales 313, up 44. Avg. price - $142,995, down $7,310

Bristol VA: Sales 195, up 27. Avg. price $111,521, down $7,426

Elizabethton: Sales 188, up 9. Avg. price - $130,062, up $13,062

Greeneville: Sales 174, down 39. Avg. price $135,762, down $1,763

Erwin/Unicoi: Sales 170, down 9. Avg. price $148,895, up $18,253

COUNTY MARKETS:

Sullivan: Sales 1,812, up 96. Avg. price - $165,466, up $5,380

Washington TN: Sales 1,670, up 5.  Avg. price -  $207,578, up $8,364

Greene: Sales 642, down 20. Avg. price - $146,677, up $7,183

Carter: Sales 537, up 47: Avg. price -$142,824, up $3,338

Hawkins: Sales 514, up 1. Avg. price - $139,198, up $15,345

Washington VA -  Sales 450, down 17; Avg. price $169,941, down $2,549

Wise: Sales 198, up 24. Avg. price $97,057, down $437

Scott: Sales 120, up 32. Avg. price - $101,134, down $21,019

Johnson: Sales 111, down 34. Avg. price $141,058, down $16,291

Lee: Sales 35, up 6. Avg. price $81,736, down $18,766

NETAR counts city sales as those in the high school zone. City sales and price data are included in the county totals.

 

 

 

 

 

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