In a normal real estate market, January is typically a slow month. Following major holidays like New Years, Christmas, and Thanksgiving, buyers and sellers are typically not focused on buying or selling their home. However, the real estate market has been nothing but normal this past year – and the first month of 2021 has been no exception. January had several notable factors. For starters, the average days on market for single-family residential homes dropped to only 68 days. This means the average transaction from listing to closing was only two months. Considering everything that goes into a normal real estate transaction, like inspections, appraisals, contingencies, among others, this is an extremely short period of time. The number of available homes for sale also reached a new low: 1.7 months of home inventory. In normal circumstances, the real estate market has 3-6 months of inventory. This has caused buyers moving across town or relocating to the Tri-Cities to fight over a limited number of homes for sale. The outcome of which has been higher selling prices. For instance, Johnson City, TN saw an increase of almost $85,000 in the average selling price compared to 2020. Each major market in the Tri-Cities, including Johnson City, Kingsport, and Bristol,TN/VA had significant increases in the selling prices of homes. With this in mind, now couldn’t be a better time for homeowners to consider selling their home for a decent profit.
Tri-Cities Real Estate Market Update | January 2021
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.