Tri-Cities Real Estate Market Update | February 2022

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February was quite a month for the Tri-Cities’ real estate market. While the availability of homes continues to plaque home buyers across the Appalachian Highland region, last month was especially troublesome. A normal real estate market has between five and six months of available inventory for buyers in which to choose. However, there were only 0.9 months of available homes on the market in February. A lack of supply has dramatically affected home prices. For instance, Johnson City had the highest home price in recent years with the average house selling for a whopping $316,080. For comparison, the average home sold for $249,860 in 2021. As a result, real estate agents and their clients are having difficulty finding adequate housing. While there might not be any immediate relief, Kingsport, Tennessee is in the process of building over two dozen new housing developments which will bring approximately 2,500 new homes to the market.

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