1-minute, 43-second read. Johnson City and Kingsport-Bristol are ranked among the top emerging housing markets in the nation by the Wall Street Journal/Reator.com. The rankings are part of an index that ranks 300 of the nation’s Metropolitan Statistical Areas (MSA) based on an analysis of housing markets, economic vitality, and lifestyle metrics.
“Recent signs of an economic slowdown driven by the Delta variant made people reconsider their plans and kept smaller and more rural housing markets in the top spots for the hottest new places to live and own,” according to the WSJ’s report on the fall index.
Johnson City dropped from an 8th place ranking in the Summer Report to 9th in the fall report.
Kingsport-Bristol’s ranking increased to 26th in the nation from 36th in the summer report.
The other Tennessee metro area markets ranked in the top 100 are:
Nashville – 31st up from 62nd in the summer index.
Knoxville – 68th down from 63rd
Clarksville – 78th up from 85th
Chattanooga 92 – unchanged from the summer report.
According to the Northeast Tennessee Association of Realtors (NETAR) September Home Sales Report existing home sales are seeing some seasonal slowing but is 13.7% higher than they were during the first nine months of last year. The year-to-date median sales price is $195,000, up 16.1% from last year.
The local market began its recovery run in mid-2015. It was a hot sellers’ market in 2019 and after the initial Covid-19 shock made a strong recovery that saw prices increasing at a double-digit pace.
The median sales price last month has increased $77,000 from what it was in September 2015 when the current market pattern began to emerge.
Sales during that period exhausted the excess inventory accumulated during the Great Recession. Last month NETAR’s Homes Sales Report said the region had 1.7 months of inventory. Five to six months inventory is considered balanced housing market conditions.
The Johnson City MSA includes Carter, Washington, and Unicoi counties.
The Kingsport-Bristol MSA includes Hawkins and Sullivan counties in NE TN and Scott and Washington counties in SW VA.
The full report, rankings, and methodology for the index can be found at https://www.wsj.com/articles/see-the-full-rankings-for-wsj-realtor-coms-emerging-housing-markets-index-11634602245
©2021 donfenley.com All rights reserved.
Categories: REAL ESTATE