The local hyper-competitive housing market has raised the benchmark for just about all existing home sales categories. Luxury homes sales are no exception, according to the Northeast Tennessee Association of Realtors (NETAR).
And the market for properties in the $700,000 to $1 million and over will likely get more competitive in the coming months despite higher mortgage rates, according to market experts. Even if rates reach the 5.75% level during the prime buying and selling season, that’s still a bargain compared to the historical average of 7.5%.
Nationwide the percentage of homes selling for $750,000 to $1 and more topped 5% for the first time. During the 12 months ending on April 12, they accounted for 3% (237 sales) of all NE Tenn. – SW Va. sales. That is a little better than double the market share during the 12-months ending on April 15, 2021.
Here’s how luxury home sales looked for the 12-months in mid-April for local city markets and their immediate surrounding area.
Twin-Cities – 38
Greeneville – 25
Johnson City – 133
Kingsport – 41
Currently, there are 48 properties with a list price of $1 million or more.
The most expensive – $9.9 million – is in Piney Flats.
The Johnson City region has most of those listings (28), followed by Bristol (8), then Kingsport with 7, and Greeneville with 5.
Categories: REAL ESTATE