For the first time in over two years, the Tri-Cities real estate market is starting to slow down. A combination of rising home prices and increasing interest rates has either reduced the buying power of potential homebuyers or forced them out of the market entirely. Last month, this translated to home prices leveling out and plummeting home sales. Johnson City, Kingsport, and Bristol, Virginia all saw a significant decrease in the total number of homes sold. In addition, average selling prices in Bristol, Tennessee and Bristol, Virginia decreased. The average home price in Kingsport plateaued and almost broke even month-over-month. On a brighter note, the overall availability of homes increased to 1.3 months of inventory. This was a 30% increase over inventory in May.
Curious about how the current real estate market could impact your ability to buy or sell? Contact us today for a free, no-hassle consultation.