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JOHNSON CITY, Tenn. (WJHL) — The Northeast Tennessee Association of Realtors (NETAR) has reported a notable rise in home sales across the Tri-Cities, with figures jumping over 10% in March.
Leading this impressive surge are Mountain City and Erwin. Mountain City experienced a remarkable 200% increase, with 12 homes sold, while Erwin saw a rise of over 166%, totaling 16 sales.
“The gains in the region’s volume markets are even more significant,” NETAR stated in a release. “These results, which span a variety of price ranges and locations, indicate a strong and persistent demand.”
In Johnson City, there was a 34% increase, with 98 homes sold, whereas Kingsport experienced a 5% rise, reaching 100 sales. The median price in Johnson City decreased by 5.4% to $353,325, and Kingsport’s median dropped 12.8% to $278,000.
Elizabethton and Blountville each recorded 25 sales, with increases of 19% and 13.6%, respectively. Blountville also boasted the highest year-over-year median price increase at 30.5%, bringing it to $399,755.
Bristol, TN, reported 34 sales, showing a 54.5% increase.
“The demand is there,” Amy Mitchell, President of NETAR, said. “Our market is working more toward being very balanced this year than it has in previous years. We do still have a shortage of homes, but we’re working on having more availability and buyers are still buying.”
The median price for homes in the region was $282,000.
“Up 4.4% from a year ago – a signal that pricing fundamentals remain intact even as individual markets diverge,” the release from NETAR said.
NETAR also reported small market declines.
Gray fell 56.2% on seven reported sales, and Rogersville dropped 52.2% with 11 reported sales.