The last month of the year saw many of the same themes that were present throughout the rest of the year. The availability of new homes for purchase in December dropped to its lowest level all year: 1.9 months of available inventory. This level is unprecedented and represents around a third of where the market equilibrium normally exists. This has directly impacted total days on market for homes in the Tri-Cities. With so few homes available for purchase, many real estate agents and their clients are jumping at anything new that comes on the market. The outcome has been multiple offers being placed on homes the same day or within days of going live on the Multiple Listing Service (MLS). This, in turn, has caused home prices to skyrocket and REALTORS® taking a “highest and best” mentality when placing offers for clients. Bristol, TN was the only major city within the Tri-Cities that saw a decrease in total homes sold in 2020 compared to the previous year. Kingsport, TN had the strongest growth with almost 1,600 homes sold YTD and an increase of 184 homes since 2019.
