Kingsport-Bristol’s housing market earned some bragging rights in the Middle Tennessee State University’s Q2 housing market report. The four-county region that makes up the upper half of the Tri-Cities market had the highest Q2 2019 v. Q2 2018 price gain in Tennessee as measured by the Federal Housing Finance Administration’s all transactions sales index.
The three-county Johnson-City Metropolitan Statistical Area (MSA) wasn’t far behind with a 7.4% increase – the fourth-best among Tennessee metro areas.
If the rankings sound familiar, they should.
Kingsport-Bristol and Johnson City were two of the three top metro areas in the state for Q2 year-over-year price increases last year.
According to the FHFA index, Kingsport-Bristol’s 1-year Q2 price was 9.5% better than last year, and Johnson City had a 7.4% increase.
Kingsport-Bristol 5-year index was up 19.5% while the Johnson City 5-year index was up 16.7%
The FHFA all transaction index is a same-sales index of properties and includes the purchase and refinanced mortgages.
Moving past the mid-year update, here’s a capsule view of how the eight-month housing market trend report look for the Tri-Cities’ two metro areas, according to data compiles by Realtor Property Resource (RPR). The comparison is for each metro area’s market performance for the first eight months of last year.
Median listing price – $189,613, up 14.2%
Median sales price – $151,321, up 7%
New listings – 3,137, up 8.4%
New pending sales – 3,074, up 18.1%
Months of inventory – 3.9, down 17.6%.
Median Days in RPR – 77, down 10.8%.
Johnson City MSA
Median listing price – $289,876, up 7.9%
Median sales price – $169,464, up 6%
New listings – 2,482, up 2.3%
New pending sales – 2,528, up 13.2%
Months of inventory 3.1, down 6.4%
Median days in RPR – 65, down 5.2%.
The September Northeast Tennessee Association (NETAR) Trends Report will be available later this month.
Categories: REAL ESTATE