As we move into the last few months of the year, the Tri-Cities real estate market is winding down. Available inventory for the Appalachian Highlands and Tri-Cities region remains significantly below average. With only 1.5 months of available inventory, the supply of homes cannot meet the demand from new homebuyers. However, the number of residential closings did decrease 4.3% for the month of November – potentially signaling that the typical holiday decline is in full swing. The only major city in the Tri-Cities that saw a decrease in the average selling price was Bristol, TN. On the flip side, Bristol, VA saw a staggering $146,357 increase from November of last year. Given the small population, this could reflect that homes sold during November 2021 were simply larger, more expensive homes – not directly related to the market increase in homes across the board. Whatever the reason, the real estate market for Johnson City, Kingsport, Bristol, and the surrounding areas will be one for the record books in 2021.
