By DON FENLEY

September home sales made their largest annualized decline in three months. According to the TCI Group Home Sales Tracker, sales during the 12 months ending in mid-September were down 1%. This long-term trend, combined with the first interest rate cut in four years, sets the stage for a more active end-of-the year market.

The sales slum that began in April has allowed inventory to increase. The most notable is the Bristol TN/VA region’s $300K-$399,999K price range. At mid-month, there was an 8.7-month inventory of homes for sale there.

Inventory in the affordable price range of $200K-$399,999K shows notable improvement in both the Twin Cities and Greeneville markets.

Mortgage rates are also at their lowest point this year and expected to continue softening in wake of the FED’s late September interest rate cut. That has nudged the affordable factor in the favor of buyers. According to the Atlanta Federal Reserve Bank’s Homeownership Tracker, Tri-Cities home buyers continue struggling. Buyers in all the six NE Tenn. counties monitored by the tracker are paying over 30% of their gross income on housing in the latest report. Greeneville buyers have the highest cost burden in the region. They’re paying 45.6% of their income on housing. The most affordable county is Unicoi, where buyers are paying 33% for housing.

Another indicator of a better housing economy is new home construction is picking up. Builders reduced the size of homes this year to make their products more affordable. The result is they’re selling more smaller homes for more money. August new home sales were up 28.6% and the median sales price of $365,000 is 6.5% higher than last year. The average new home last month was 1,764 sq. ft. compared to 1,886 last year.

Here’s a short-term capsule of housing conditions in the region’s primary submarkets.

Bristol, TN

Metrics suggest a Bristol TN is a market experiencing changes in inventory levels, pricing, and competition. Buyers may need to act quickly to secure a property, while sellers may find opportunities to capitalize on the current market conditions. It is important for both buyers and sellers to stay informed and work closely with a real estate professional to navigate the complexities of the market. Median days on market – 20.

Bristol. VA

Overall, the data suggest that the real estate market in this area is healthy, with opportunities for both buyers and sellers to achieve their goals. Median days on market – 30.

Greeneville

Metrics paint a picture of a Greeneville market with relatively low inventory, quick sales, and homes selling close to their list price. Buyers may face competition and should act quickly, while sellers may find it a good time to list their property. It is essential to stay informed and work with a professional real estate agent to navigate these market dynamics effectively. Median days on market – 34.

Johnson City

This market has low inventory, high demand, and homes selling quickly at close to their listing price. Buyers may face competition and need to act fast, while sellers may find it a favorable time to list their properties. It is important to keep an eye on these metrics and consult with a real estate professional for personalized advice in navigating the market. Median days on market – 10.

Kingsport

Metrics pain a Kingsport market as a competitive real estate market with low inventory, quick sales, and homes selling close to their listing prices. Both buyers and sellers should be aware of these market conditions when making real estate decisions. Median days on market – 21.

Categories: CORE DATA