March was one of those months when real estate reports were in the up and down mode across the region. Vacant land sales were up 21% from the previous month but down 21.9% from March last year. But that pattern wasn’t the norm in the county markets
Carter’s sales were up 63.6% from Feb. and up 2.9% from last year.
Greene sales were down 33.3% from Feb. and down 31.9% from last year.
Hawkins sales were down 52.8% from Feb. and down 9.5% from last year.
Johnson sales were down 16.5% from Feb. and up 25.6% from last year.
Sullivan sales were down 50% from Feb. and down 25.6% from last year.
Unicoi sales were down 75% from Feb. and down 80% from last year.
Washington Co. TN sales were down 11.4% from Feb. and up 5.2% from last year.
Washington Co. VA sales were unchanged from Feb. and 11.1% from last year.
Scott sales were up 33.3% from Feb. and up 20% from last year.
So far this year, the median sales price for vacant land is $22,760, up 33% from the first three months of last year.
During the past three years, Surging sales have absorbed about 20% of the inventory in the $50,000 and below price range. Since building lots are included in this price range, listings should increase as new developments get past site development stages.
Active listings during the first quarter were down 9.7% from last year, and new listings lagged the first quarter of last year by 4.7%.
Nationwide, land sales saw their best year in nearly a decade, according to the National Association of Realtors and the Realtors Land Insitute. Last year’s vacant land sales were up 41% in the region monitored by the Northeast Tennessee Association of Realtors (NETAR).
NETAR is the voice for real estate in Northeast Tennessee. It is the largest trade association in the Northeast Tennessee, Southwest Virginia region, representing over 1,600+ members and 100+ business partners involved in all aspects of the residential and commercial real estate industries. Weekly market reports and information for both consumers and members are available on the NETAR website at https://netar.us