Currently, the top listing is a Piney Flats Mediterranean estate with 700-feet of water frontage on Boone Lake’s main channel. The six-bedroom, 11-bath, 17,377 square foot home has a $9,900,000 asking price. If that’s a little steep, there are listings in Limestone, Greeneville, Elizabethton, Johnson City, Abingdon, Jonesborough, Bristol TN, and Roan Mountain in the $4.75 million to $2 million price range. Two of the 55 listings in the $1.5 million to $1.1 million range are in Kingsport. It’s also possible that there are more out there that won’t be public listings.
A noteworthy factoid about that part of the housing market is that the Twin-Cities was the only metro area to increase its ultra-high-end home sales market share. The Johnson City, Kingsport, and Greeneville regions had slight declines in their share of the region’s total sales.
According to a Redfin report, U.S. luxury home sales surged 60.7% year-over-year during the three months ending on Nov. 30. It blows away previous records. But many – in not most – of that trend includes homes may not be a good comp for the Tri-Cities sales. The study defines the median price for a luxury home as $899,000.
The next level is expensive homes with a median price of $412,000. Those sales are up 30%.
Locally sales during the 12 months ending on Nov. 12 in that range were up 85%, according to a TCI Group report.
Movement toward more expensive homes also shows up in the number of local building reports. At mid-year, there were 95 new permits for homes that were 4,000 or more sq. ft. or larger over had a construction cost of $400,000 or more. There were 35 of those permits in the Tri-Cities for the same period the previous year, according to The Market Edge.
The Washington Co. market had a mid-year regional lead in high-end home permits with 37 of the 95. But the biggest growth rate was in Greene Co. Permits there increased to 14 from seven.
While the high-end and luxury market growth is eye-catching, it’s not the norm. The median price of all home sales is just below $200,000. But the market share of those sales is down 10% from what it was in the 12-months ending in November last year.