Tri-Cities Real Estate Market Update | December 2020

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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 REALTORSĀ® 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.

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About the Author

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.

Awards & Designations

Google Certified Professional: Analytics & AdWords