Tri-Cities Real Estate Market Update | October 2020

home, for sale, sky, real estate

As the Thanksgiving holiday quickly approaches, the Tri-Cities’ real estate market continues to outpace last year’s performance. The supply of available homes in Johnson City, Kingsport, Bristol, and the surrounding region of Northeast Tennessee and Southwest Virginia dropped to its lowest point in recent history: 2.2 months. Normally, a healthy market would have at least five to six months of available inventory of homes. This has directly affected the amount of time homes are staying on the market. Some cities, like Bristol, TN, went from being on the market for roughly three months to going from listing to close in only 49 days.

Every major city, with the exception of Bristol, VA, saw a dramatic decrease in time on market in October. Home selling prices also significantly increased year-over-year. Mostly notably were Bristol, VA and Johnson City, TN, where prices increased by $93,622 and $43,975 respectively. Historically, October usually signals when the real estate market begins to slow down. As people prepare for the holiday season, their focus switches from buying and selling real estate to staying in and being with family. However, 2020 has not been a typical year and the real estate market continues to show no sign of slowing down.

october market update, real estate, tri cities, johnson city, kingsport, bristol

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