January’s top sales was in The Ridges
By DON FENLEY
The regions’ million-dollar home sales club kicked off 2024 with four sales. It would have been six, but two dropped below the $1 million mark when owners reduced their asking prices to close the deals.
The top sale was in The Ridges for $1,385,000. The five-bedroom new construction was a cash sale that closed after the list price was discounted $110,000. Right behind it was another Jonesborough sale for $1,255,000. Rounding out the month was a $1.1 million deal in Sullivan Co. and a $1 million sale in Mountain City.
All the million-dollar plus sales were price reductions. The average was $284,944, according to The Northeast Tennessee Association of Realtors’ monthly Market Pulse report.
At mid February there were 63 area listing for properties with an asking price of $1 million or more.
Luxury sales in the $500K and up price ranges are off to what looks to be a solid start even though sales are down 25% from this time last year. The solid start outlook is based on a 3.8% increase in pending sales, a 31% increase in active inventory and an 8.1% increase in new listings.
The average price for last month’s $500K and up sales was $647,766.
Nine of the sales were cash deals, two had VA loans, and the rest were financed with conventional loans.
More than half (69%) had price reductions that averaged $25,609.
The local luxury market was up 5.3% last year with 808 sales.