To kick-off the New Year, the Tri-Cities real estate market didn’t go off with a bang. Instead, the market saw substantial decreases in the number of properties sold across all categories. While the inventory of homes dropped to a staggering 1.1 months, the number of new listings dropped 16.8%, which led to a decrease of 6.7% in homes closing. There were only 874 active listings at the end of the month – a 31.3% decrease year-over-year. The first two weeks in February have brought a much needed influx of available homes, and if the past two years have taught us anything, it’s that the shortage of homes will not change overnight. However, one constant has been increasing selling prices. Kingsport and Bristol, Tennessee saw almost $50,000 gains in the average selling prices of residential homes. Home prices in Bristol, Virginia dropped $20,000, while Johnson City only increased slightly. Even with interest rates increasing to their highest points in over two years, it would appear the effect they are supposed to have on demand hasn’t reached an equilibrium. That is, by and large, homebuyers seem unaffected by the higher cost of borrowing.
Tri-Cities Real Estate Market Update | January 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.