News
July 18, 2018

June NE Tenn. home sales up 6.3%, avg. sales price down 3.1%

Northeast Tennessee home sales were up for the seventh straight month in June while the average sales price drifted slightly lower than last year.

"So far this year there has been little relief from a very tight inventory. During June we had 3.9 months of inventory. Still, both sales and the average sales price are on pace to be slightly higher than last year," said Aaron Taylor, Northeast Tennessee Association of Realtors® (NETAR) president. Last year was the best year for residential sales since 2008. "So far this year, only one county market shows fewer closing and an average sales price lower than it was during the first six months of last year," he added.

There were 670 closings on single-family resales in June. That was down from May's record of 691 but 40 more than June last year. The average sales price was $174,103, down $5,558 from June last year. So far this year 3,257 single-family homes sales have closed - 272 more than the first six months of last year. The year-to-date average sales price is up 9.1%.

Closing on condominium and townhome resales were flat when compared to June last year, and the average sales price is slightly softer. According to the NETAR Trends Report, there were 65 closings last month compared to 68 June last year. So far this year 279 sales have closed. During the first six months of last year, there were 295 closings.

The average single-family sale that closed in June was on the market for 114 days. "That's the least time-on-market we've seen since 2008," Taylor said. However, homes that are aggressively priced are selling much faster, he added. Average time-on-market for a June's condo sale was 87 days.

Here's a capsule look at local market tends based on the year-to-date city and county single-family resales and average prices compared to the first six months of last year:

CITY MARKETS

Johnson City: Sales 418, up 37. Avg. price - $224,249, down $6,139.

Kingsport: Sales 403, up 64. Avg. price - $178,939, up $8,544.

Bristol, TN: Sales 159, up 15. Avg. price - $154,831, up $20,242.

Greeneville: Sales 96, up 10. Avg. price $135,303, up $1,665.

Bristol, VA: Sales 93, down 3. Avg. price - $127,352, up $19,853.

Elizabethton: Sales 92, up 12. Avg. price - $123,363, down $1,349.

Erwin/Unicoi: Sales 77, down 6.  Avg. price - $152,899, down $10,177.

COUNTY MARKETS:

Sullivan: Sales 972, up 93. Avg. price - $172,170, up $10,680.

Washington, TN: Sales 853, up 60. Avg. price $217,538, up $7,724.

Greene: Sales 332, up 30. Avg. price $151,076, up $3,303.

Hawkins: Sales 276, up 19. Avg. price $148,531, up $7,079.

Carter: Sales 267, up 16. Avg. price $135,285 up $499.

Washington, VA: Sales 218, up 1. Avg. price $188,347, up $17,656.

Wise: 104, up 29. Avg. price $113,810, up $10,599.

Johnson: Sales 69, up 18. Avg. price $165,351, up $54,434.

Scott: Sales 66, up 3. Avg. price $85,491, down $23,530.

Lee: Sales 22, up 6. Avg. price $98,911, up $20,946.

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

 

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