by: Jay Cottrell, REALTOR® at eXp Realty
As we delve into the local real estate market of the Tri-Cities region spanning Tennessee and Virginia, April 2023 reveals an interesting blend of statistics. With a substantial increase in the number of listings compared to last year, coupled with varying sales figures across different cities, it’s important to analyze the market dynamics and understand the factors contributing to these trends. In this article, we will explore the latest data and provide insights into the state of the real estate market in Johnson City, Kingsport, and Bristol.
Tri-Cities Market Overview
In April 2023, the Tri-Cities region experienced a notable increase in the number of listings, which rose by 44% compared to April 2022. However, when considering the year-to-date figures, the overall increase in listings is more modest at 2.9%. This suggests a potential shift in the market dynamics throughout the year.
Home Sales Performance:
Home sales in April 2023 witnessed a decline of 26.4% compared to the previous year. When examining the year-to-date data, we find a similar trend, with sales down by 24.3% compared to the same period last year. These figures indicate a slowdown in the pace of home sales in the Tri-Cities region.
Median Sale Price:
The median sale price for residential listings in April 2023 reached $248,095, representing a significant increase of 12.7% compared to the previous year. This upward trend in home prices reflects the continued demand for properties in the Tri-Cities area.
Median Days on Market:
The median days on the market for homes in April 2023 stood at 47 days, which marks an 11.9% increase compared to the previous year. This suggests that homes are taking slightly longer to sell, indicating a more balanced market compared to the previous year.
City-Specific Statistics
Johnson City
In Johnson City, the median sales price for April 2023 was $238,750, representing a minor decrease of 0.5% compared to the same period last year. The year-to-date median sales price stands at $247,190, reflecting a decrease of 4.9% compared to last year. Despite the recent decline, Johnson City has seen remarkable growth with a 57% increase in median sales price since 2019. However, home sales in Johnson City have experienced a decline of 20.3% year-to-date, while the number of listings is only 4.7% higher than last year.
Kingsport
Kingsport, on the other hand, has witnessed a significant surge in median sales prices. In April 2023, the median sales price reached $265,445, marking a substantial increase of 17.9% compared to the previous year. The year-to-date median sales price for Kingsport stands at $256,700, reflecting a remarkable growth of 28.9% compared to last year. However, Kingsport has experienced a decline of 28.7% in home sales year-to-date, with the number of listings for sale rising by only 3.5% compared to the previous year.
Bristol
Bristol has also experienced a notable increase in median sales prices. In April 2023, the median sales price reached $209,900, reflecting a significant rise of 27.2% compared to the previous year. The year-to-date median sales price for Bristol stands at $199,950, representing a growth of 7.9% compared to last year. However, Bristol’s home sales have declined by 27.3% from last year
Conclusion
April 2023 has brought some intriguing developments in the Tri-Cities, TN/VA real estate market. While the number of listings has seen a significant increase from the previous year, the growth rate for the year-to-date remains moderate. Home sales, on the other hand, experienced a decline both in April and year-to-date figures. However, the market has witnessed a notable increase in median sale prices, which may indicate increased buyer demand and potential opportunities for sellers. Additionally, the extended median days on the market might offer buyers a more relaxed environment for decision-making.
It’s important to note that real estate markets are subject to various factors, and these trends should be considered as part of a broader analysis. Whether you’re looking to buy or sell a property in Tri-Cities, TN/VA, staying informed and consulting with local real estate professionals can help you navigate the market successfully.
Data Source: Tennessee Virginia Regional Multiple Listing Service
