Kingsport-Bristol home sales up 9% so far this year, Kingsport driving much of the increase

Kingsport-Bristol is seeing solid home sales gains so far this year. The October pace cooled as the market entered the fall season but that doesn’t detract from the year-to-date trend picture.

CaptureThe Northeast Tennessee Association of Realtors’ October Trends Report shows sales in the four-county region during the first 10 months of this year compared to last year are up 9% on 2,085 closings.  The MSA only needs 166 sales to move past the 2014 annual total. At the current pace that will happen in November.

The average price picture is a little softer. So far this year it’s $141,971, down 5% from last year. It’s also the third straight year the MSA’s 10-month average has declined.

Sullivan Co. is the driver of this year’s sales bounce-back with a good July and August assist from Hawkins Co. and some big percentage gains from the Bristol VA and Washington Co. VA. Markets.

Here’s what the county-level YTD market looked like in Oct.

Washington Co. VA – up 23% on 326 closings.

Sullivan Co. – up   9.6% on 1,338 closings.

Hawkins Co. – up 3.5% on 355 closings.

Scott Co. – down 20.4% on 66 closings.

Average prices for those county markets for the first 10 months of this year are:

Scott Co. – up 13.4%, $109,628.

Hawkins – up 2.1%, $123,457.

Sullivan – up 0.9%, $157,500.

Washington Co. VA – down 6.4%, $159,617.

City market sales performance 

Three of the Tri-Cities’ city markets tacked by the Trends Report are in the Kingsport-Bristol MSA.  Here’s how the city year-to-date sales metrics looked in October compared to the first 10 months of last year.

Bristol VA – up 19.4% on 123 closings.

Kingsport – up 17.7% on 512 closings.

Bristol TN – up 7.7% on 245 closings.

Bristol VA and Washington Co. VA have been the home sales comeback kids so far this year primarily because those markets haven’t paced the rest of the region’s recovery. Both markets also saw some setbacks to their slow recovery pace. Last year county sales slumped from the previous year’s 10-month pace while Bristol VA saw its down year in 2013.

City market YTD average prices in Oct. were:

Kingsport, up 5% – $170,560.

Bristol, TN, up 1.9% – $142,868.

Bristol, VA, up 0.3% – $107,718.

The Trends report counts city market sales as those made in high school districts. City sales are included in the county data totals.




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