Half-way through the year and the Tri-Cities real estate market continues to outpace prior year data. Johnson City, Kingsport, and Bristol, TN/VA all saw significant increases in average home sale prices and total number of homes sold for the month of July. Even with available homes on the market dipping to a seven month low, transactions continued to increase, causing the supply of homes to reach a historic low: 2.5 months of inventory. Typically, a normal market has at least five to six months of inventory. Kingsport had the strongest numbers, both for the month of July and compared to 2019 data. The total number of single family homes sold in Kingsport almost broke 900 for the year and saw an increase of almost 50 properties for the month and the year. Read our comprehensive report below with data from the Northeast Tennessee Association of Realtors.
