Tri-Cities’ hot housing market shows some cracks
GRAY, Tenn. – The Tri-Cities area’s red-hot housing market is beginning to show cracks. August sales were down from last year, and the sales price increased. But the trend is slowly turning toward a transitioning market.
“There have been fewer closing than last year every month since March,” said Rick Chantry, Northeast Tennessee Association of Realtors (NETAR) president. “In March, they were down by 47. They slowly increased to 201 last month. And while price growth rate has flattened for three months, they’re not coming down. Homeowners also lowered their asking price for about one-in-three sales.”
There were 778 closings in August. That’s 31 fewer than July and 176 fewer than August last year.
August’s typical existing home sales price was $245,00, unchanged from July and $33,500 more than August last year.
Active inventory was up from July and August last year. But it was a tiny increase. At the end of August, the region has 1.6 months of inventory. That was an additional 17 listings from the previous month and 27 more than last year.
The typical home sale that closed in August was on the market for 45 days. The average listing went under contract in two weeks or less.
Chantry said homeowners reduced their price on 307 sales last month. The typical reduction was $11,950.
There were 228 sales above the asking price. The typical amount over was $9,850.
Sales in the region’s 16 city and community submarkets were down with two exceptions.
August sales prices were up in all submarkets except Bristol, VA, and Mountain City.
August city-community submarkets Aug. home sales, prices
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