February was quite a month for the Tri-Cities’ real estate market. While the availability of homes continues to plaque home buyers across the Appalachian Highland region, last month was especially troublesome. A normal real estate market has between five and six months of available inventory for buyers in which to choose. However, there were only 0.9 months of available homes on the market in February. A lack of supply has dramatically affected home prices. For instance, Johnson City had the highest home price in recent years with the average house selling for a whopping $316,080. For comparis ..read more

To kick-off the New Year, the Tri-Cities real estate market didn’t go off with a bang. Instead, the market saw substantial decreases in the number of properties sold across all categories. While the inventory of homes dropped to a staggering 1.1 months, the number of new listings dropped 16.8%, which led to a decrease of 6.7% in homes closing. There were only 874 active listings at the end of the month – a 31.3% decrease year-over-year. The first two weeks in February have brought a much needed influx of available homes, and if the past two years have taught us anything, it’s that the shortage ..read more

What Is An Escalation Clause? Before the days of COVID-19 and its effects on the real estate market, escalation clauses were not as prevalent as they are now. Historically, escalation clauses have been used for properties or locations that have high demand by multiple buyers. A great example might be an exclusive condo in Manhattan or a property built by a well-known architect. Typically, your standard run-of-the-mill single-level home in Northeast Tennessee wouldn’t see multiple interested parties submitting offers above asking price. However, that is exactly what the Tri-Cities’ real estate ..read more

The last month of 2021 saw some pretty incredible results for the Tri-Cities’ real estate market. For starters, the availability of homes, also known as the supply, dropped to a historic low. With only 1.3 months of inventory available, our real estate market is going month-to-month as the number of homebuyers continues to exceed the number of homesellers. Aside from the number of homes on the market, prices continued to exceed expectations. Bristol, TN took the top spot in December with the average home price increasing $42,253. Moreover, the average selling price compared to 2020 shot up an ..read more

Top 5 Ways to Keep Your House Running Smoothly During the Winter As the mercury begins to drop, the chance for potential home damage increases. However, homeowners shouldn’t worry. There are easy preventable measures they can take to ensure their home (and investment) stays in tip-top shape during the winter months. Here are the top five ways to keep your house running smoothly during the winter: Evaluate Your HVAC System Most modern homes feature a central heating and cooling system. For these units, homeowners can hire an HVAC inspection for about $100 or less to inspect the functionalit ..read more

As we move into the last few months of the year, the Tri-Cities real estate market is winding down. Available inventory for the Appalachian Highlands and Tri-Cities region remains significantly below average. With only 1.5 months of available inventory, the supply of homes cannot meet the demand from new homebuyers. However, the number of residential closings did decrease 4.3% for the month of November – potentially signaling that the typical holiday decline is in full swing. The only major city in the Tri-Cities that saw a decrease in the average selling price was Bristol, TN. On the flip sid ..read more

The Tri-Cities’ real estate market has finally slowed for the first time all year. New home sales dropped month-over-month in Johnson City, and Bristol, TN and Virginia. The total number of residential home closings dropped 3.6% from last year. While the available inventory and time on market stayed roughly the same, this signals that homebuyers and sellers alike are waiting to make any moves until the holidays are over. However, those homes that are selling are still selling at a premium above market values. Check out the graph below for more information. If you are still on the fence about s ..read more

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? Ho ..read more

Like last month, August appears to show some signs that the Tri-Cities real estate market might be cooling off for buyers. For over a year now – since the COVID-19 pandemic began – the decrease in availability of homes has caused single-family home prices to increase dramatically. While this has caused some buyers to wait out the high cost of homeownership, many haven’t had a choice, either due to personal or professional obligations. With Realtor.com calling Johnson City #5 of the Top 10 Hottest Markets in the Country, it’s no surprise that some want to wait until the market equalizes. Until ..read more

As summer slowly draws to a close, the Tri-Cities real estate market seems to remain unchanged. While there has been a slight increase in the number of available homes on the market, this number (1.6 months) is still far below the market average. Additional new contracts have signaled that demand is still high for housing. Home prices continued to soar with the average home selling for over $221,000 in July – the highest amount so far this year. When it comes to the total number of properties being sold, Johnson City saw a surprising increase which brought it closer to the number one metro: Ki ..read more