Real estate in the Tri-Cities continues to grow exponentially and shows no signs of slowing down. The month of August has brought the least amount of available home inventory this year, with only 2.4 months readily available, while home prices continue to increase. Five to six months of available inventory is considered to be a full and healthy market. Almost every major city in the Tri-Cities saw dramatic increases in the average home selling price. Bristol, VA saw an increase of $61,876 compared to August of last year. In fact, the only decreases in home prices were for Kingsport and Bristol, Tennessee for the month of August. On top of this, the total number of homes sold has remained the same or decreased. This has led to less homes being sold for more money – a boon for home sellers. Data has been provided by the Northeast Tennessee Association of REALTORS®.
Tri-Cities Real Estate Market Update | August 2020
Vance moved back to the Tri-Cities from Nashville, TN in 2020 where he worked in sales development for a Silicon Valley technology start-up. Before this, Vance worked in retail management for over ten years.
While Vance has lived all over the country, he attended East Tennessee State University for his undergraduate degree in Integrated Marketing Communications. He graduated Magna Cum Laude and with special honors from the College of Business and Technology. Vance went on to pursue his Masters in Digital Marketing from ETSU while working for Target as a store manager in the Knoxville/Chattanooga/Nashville markets.
In his spare time, Vance enjoys traveling (12 countries and counting!), and loves spending time outdoors with his dog, Miles, hiking, biking, kayaking, and camping. He is also an avid motorcyclist and loves spending the weekends riding through the Blue Ridge and Great Smoky mountains.
With his background in sales and customer success, Vance is determined to redefine the customer journey of home buying and selling to ensure that Red Door and its agents are the region's destination for real estate.