The Tri-Cities housing market hotness transition that began last month picked up a little more momentum in March.
Realtor.com’s housing market hotness index shows the Kingsport-Bristol metro area getting warmer while the Johnson City metro market is cooling. That’s just the trend position. Johnson City is still ranked a hotter market than Kingsport-Bristol.
That assessment comes from Realtor.com’s monthly Market Hotness Index, which monitors how local areas are experiencing supply and demand. The analysis breaks down demand and supply dynamics to rank metro areas relative to the rest of the country. Views of listing are used as a demand indicator while median days on the market are used as a supply indicator.
Here’s how the March indices look for the seven-county Tri-Cities market’s two metro areas
“Johnson City is ranked #127 out of 300 metros. It’s listed as a warm market that is cooling down compared to last month and cooling down slightly compared to last year. Median days on market is 88 days, with inventory moving 24% slower than last year and 23 days slower than the U.S. overall. Properties in the three-county area receive an average number of views 1.7 times higher than the U.S. average.
“Kingsport-Bristol-Bristol is ranked #198. Realtor.com says is a slightly cool market that is heating up compared to last month and heating up compared to last year. Median days on market is 109 days, with inventory moving 5% faster than last year and 44 days slower than the U.S. overall. Properties in the four-county area receive an average number of views 1.3 times higher than the U.S. average.”