Kingsport-Bristol had best Q2 home sales price increase rate in Tenn; Johnson City MSA not far behind

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.

Kingsport-Bristol MSA

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