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.
Tri-Cities Real Estate Market Update | February 2022
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.