Tri-Cities Real Estate Market Update | September 2020

red door, front porch, sidewalk, real estate

Halloween is almost here and the Tri-Cities real estate market continues to be spookily strong. Once cooler weather sets in, the real estate market usually slows. However, the housing market in Northeast Tennessee and Southwest Virginia is as strong as ever, and shows little sign of slowing. September broke several records. The first of which was the shortage of homes available on the market for sale. An in-demand market typically has 5-6 months of home inventory  available. September in the Tri-Cities dropped to 2.3 months of available market. Additionally, sellers approved 895 new contracts in September, but there were only 886 new listings. This means pending sales outnumbered new listings. The average listing and selling price also jumped to new levels in September. The average listing price was $292,077, which was up 12.5% from last year. Johnson City, Kingsport, and both Bristol, Tennessee and Virginia all had significant increases as well. Data provided by the Northeast Tennessee Association of REALTORS®.

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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