Bristol TN and VA lead cities home sales growth rate; Erwin, Elizabethton, Johnson City net best price gains


Last year was a banner year for single-family home sales in Bristol TN and VA.

Twin Cities resales’ year-over-year annual growth rate dramatically outperformed every other city market in the 2017 annual Trends Report from the Northeast Tennessee Association of Realtors.

According to that report, single-family resales were up 16.4% in Bristol TN and 16.1% in Bristol VA. The only other city market with an annual year-over-year increase was Elizabethton, up 5%.

Here’s how the annual resales of the region’s other markets looked like when compared to 2016 annual resales:

  • Johnson City, down 5.1%.
  • Kingsport, down 0.3%.
  • Greeneville, down 5.4%.
  • Erwin, down 5%.

But when the annual average price performance is compared to 2016, the Twin Cities didn’t fare as well. The best annual year-over-year gains came in Erwin, Elizabethton and Johnson City.

Here’s what the 2017 average sales price looked like when compared to the 2016 annual average:

  • Erwin, up 14%, an $18,253 improvement.
  • Johnson City, up 6.9%, a $14,316 improvement.
  • Elizabethton, up 11.2%, a $13,062 improvement.
  • Kingsport, up 6%, a $9,656 improvement.
  • Bristol VA, down 6.2%, a $7,426 decline.
  • Bristol TN, down 4.9%, a $7,310 decline.
  • Greeneville, down 1.3%, a $1,763 decline.

 

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