Tri-Cities Real Estate Market Update | September 2021

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As the weather cools, so too does the real estate market. This cyclical behavior is nothing new to real estate agents, but it can affect potential homebuyers and sellers. As we move into the last few months of the year, fewer homes will be listed for sale and those that are listed will stay on the market for longer periods of time. While this isn’t caused by just one factor, it’s usually a sign that people want to hunker down during colder portions of the year and spend time inside with friends and family during the holidays. Who wants to move during the holidays and when it’s cold outside? However, there are still those homebuyers and sellers that don’t have a choice. Whether it’s due to a job change, familial adjustments, or personal reasons, there are still those who will need to buy and/or sell their home. While the timing isn’t great, those looking to buy have the most to gain. Homebuyers will have more inventory to consider and they will have more leverage when it comes to price and other considerations once negotiations begin.

For the month of September, inventory rose to almost a year high – once again indicating that the market is cooling off. While residential closings were up 12.8% Year-Over-Year, it was the first time since June (and the biggest drop all year) that the total number of homes sold during the month of September dropped: a staggering 10.38%.

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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