The local housing market is on the cusp of the prime buying and selling season and markets in the Tri-Cities two metro areas are not in step.
Realtor.com’s housing market hotness index shows the Kingsport-Bristol metro area getting cooler while the Johnson City metro market is heating up. That the trend position on Realtor.com’s Market Hotness Index.
The index 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 April indices look for the Tri-Cities market’s two metro areas
Johnson City’s rank moved up to #124 out of 300 metros. Last month it ranked #127. It’s listed as a warm market that is heating up compared to last month and heating up compared to last year. Median days on market is 73, down from 88 days last month. Inventory is moving 9% slower than last year and 15 days slower than the national average. Last month inventory was 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 #203 down from #198 last month. Realtor.com says the market is slightly cool and cooling down slightly compared to last month. Compared to last year the market is heating up. Median days on market is 88 days down from 109 last month. Inventory is moving 1% slower than last year and 30 days slower than the U.S. overall. Properties in the four-county area receive an average number of views 1.2 times higher than the U.S. average. That’s a slight decrease from last month’s 1.3 average.