News
September 18, 2017

August home sales robust, prices up for 12th month

Northeast Tennessee home sales were robust in August, and single-family prices posted their 12th consecutive year-over-year increase. Condo sales saw some seasonal slowing while the average sales price was the best in five years.

There were 593 closings on single-family resales in the 11-county region monitored by the Northeast Tennessee Association of Realtors®' (NEATR) Trends report, up 0.3% from August last year. The average sales price was $172,215, up 15.4% from last year and the highest August price since 2008.

Condo closings totaled 46, down three from last year. The average sales price was $124,466, up 4.6% from last year.

The region had 4.6 months of inventory in August. Active listings were down 22.1% from last year.

"What's more impressive than the August to August market comparison is the year-to-date report," NETAR President Eric Kistner said. "It shows we're moving into the fall season with the strongest market we've seen since the recession."

So far, this year 4,166 sales on single family homes and 399 condos have closed. The combined sales volume during the first eight months of this year is $748.8 million compared to $684.8 million during the same period last year. That's a 9.8% increase and reflects the cumulative prices increases that are being driven by a tight inventory and robust sales, he added.

The average single-family home sale that closed in August was on the market for 133 days. For condos, it was 110 days.

Here's a capsule look at how city and county August single-family sales and average prices looked compared to the August last year last year.

City markets

Johnson City: Sales - 85, down 14. Avg. price - $206,557, up $46,376

Kingsport: Sales - 58, down 9. Avg. price - $201,916, up $51,359.

Bristol TN: Sales – 29, up 4. Avg. price - $139,372, down $3,480.

Elizabethton: Sales – 25, up 14. Avg. price - $159,809, up $34,945.

Erwin/Unicoi: Sales – 23, up 1. Avg. price - $164,148, up $36,582.

Greeneville: Sales – 17, up 3. Avg. price - $154,365, up $24,418.

Bristol VA: Sales 12, down 3. Avg. price -  $110,792, down $10,788.

County markets

Sullivan: Sales – 168, up 1. Avg. price – S177,943, up $30,609.

Washington TN: Sales – 165, down 4. Avg. price $203,067, up $28,815.

Greene: Sales – 59, down 2. Avg. price - $138,767, up $7,365.

Carter: Sales – 49, up 7. Avg. price - $169,555, up $43,551.

Washington VA: Sales – 45, down 3. Avg. price - $170,381, up $7,620.

Hawkins:  Sales 44, down 8. Avg. price - $133,260, up $14,151.

Wise: Sales: 18, up 6. Avg. price - $108,667, up $2,833.

Scott: Sales: 10, down 2. Avg. price - $102,240, down $22,752.

Johnson:  Sales 8, down 6. Avg. price - $219,675, up $47,568.

Lee: Sales: 4, up 2. Avg. price - $46,475, down 13,275.

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

 

 

 

 

Category: