News
November 15, 2019

Tri-Cities home sales, prices continue record-setting pace

The average Tri-Cities area home sales price increased a robust 7.8 percent last month compared to October last year, and sales were up 3.9 percent. With two months to go before the book on 2019 is closed, the local housing market is on track for another record-setting year.

There were 668 closings on single-family, townhome and condominium sales last month and the average sales price rose to $182,628. The 10-month total for closings was 6,442, up 276 from the same period last year.

Single-family resales had their best October performance since 2008, and the average sales price of $186,394 was at an 11-year high for October sales.  Single-family resale prices are a good indicator of the overall market since they account for over 90 percent of all  sales. Fifty-one townhome and condo sales closed in October, two fewer than October last year. The average price of $137,066 was a 10.6 percent improvement.

“We’re beginning to see some seasonal slowing, but the record-setting pace is not letting up  much,” said Northeast Tennessee Association of Realtors (NETAR) President Karen Randolph. “Given current conditions, we should finish out the year with more sales and price records.” “The current best annual single-family price increase was 5.9 percent in 2012. October’s annualized single-family average points to an increase in the 6.3 percent range,” added Don Fenley, NETAR’s Data Analysist.  Fenley and Randolph work in cooperation to report the local housing market.

New listings were up 11.2 percent in October and new pending sales were up 14.6 percent, so the tight inventory conditions haven’t changed. The 11-county region monitored by NETAR had 3.5 months of inventory last month. Total active listing were 14 percent lower than October last year.  The median time a residential resale that closed in October was on the market was 79 days, according to Realtor Property Resource (RPR).

NETAR’s Trends Report capsules housing market conditions in Carter, Greene, Hawkins, Johnson, Sullivan, Unicoi, and Washington counties in NE Tenn. and Scott, Lee, Wise, and Washington counties in SW Virginia. It also includes market data from the region’s primary city markets. City and county market share, year-over-year and year-to-data closings and average sales prices can be found on the NETAR web site’s market analytics page at https://netar.us/market-analytics

 

Category: