Tri-Cities Real Estate Market Update | September 2020

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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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