Tri-Cities Real Estate Market Update | August 2020

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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 REALTORSĀ®.

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