Tri-Cities Real Estate Market Update | June 2022

real estate, buyers, keys, homeownership

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.

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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