Tri-Cities Real Estate Market Update | May 2021

new construction, for sale, real estate

As the temperatures increase, so too does our local real estate market. Available inventory for the month of May stayed around 1.3 months – which is about a fifth of where the real estate market normally stays. There was a slight bump in the increase of homes available for sale on the Multiple Listing Service (MLS) in Northeast Tennessee and Southwest Virginia. With this increase of homes also came with an significant increase in the total number of homes that closed last month. In fact, the 795 residential closings in May represented a 22.4% jump from last year. If there’s one key-takeaway from all of this, it’s that homes are closing faster due to more competitive offers. These competitive offers include cash deals, escalation clauses (where the buyer agrees to pay a certain amount above the highest offer, think: eBay style bidding), waiving inspections, and more. Home prices also continued their positive trajectory in May with some cities in the Tri-Cities region seeing unprecedented increases in the average price of homes. For example, the Bristol, Virginia market saw the average home price skyrocket over $90,000 compared to last year. Take a look at the infographic below to learn more about the Tri-Cities’ real estate market.

graph, infographic, real estate, market trends, tri cities, red door agency

About the Author

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.

Awards & Designations

Google Certified Professional: Analytics & AdWords