Tri-Cities Real Estate Market Update | March 2021

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Looking to find a pot of gold? If you’re considering selling your home, you might be in luck! A combination of available inventory and an abundance of homebuyers have consistency favored homesellers over the past year. As we approach the one-year anniversary of COVID-19 affecting the majority of Americans, the real estate market has remained unfazed. While interest rates have increased slightly since the beginning of the year, it has done little to wane the demand for new mortgage loans. For the month of March, there were several notable changes in our real estate market.

For starters, homes are moving from list to close at a record pace. It took the average residential single-family home only 53 days to close last month – almost a month faster than March of 2020. We also saw some decreases in average selling prices in key cities like Johnson City, TN and Bristol, VA. While not alarming, it could mean that less expensive homes sold during the month or the prices in these cities are leveling off – our bet is with the former. If you’re considering listing your home, now couldn’t be a better time! Contact us today to see how much equity you may have in your home.

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