By DON FENLEY

Kingsport-Bristol’s housing market did something that was out of the norm for the past three years in the Fall Wall Street Journal-Realtor.com Housing Market Rankings. It dropped 31 spots.

It was the biggest move and placed Kingsport-Bristol 38th in the rankings from its previous ranks of the 7th top market in the nation.

Recently revamped rankings that include climate risk data and a reconfigured weight system have moved the local markets from the top 10 spots in the rankings. The Johnson City metro market was the first to go. It doesn’t have enough population to be included.

According to the Realtor.com report on the ranking changes, “While some may associate a lower cost of living with sub-par access to ‘nice to have’ amenities, this quarter’s top markets offer a counterpoint. The cost of living in these metros is an average 1.5% below the 200-metro average, and 4.1% below the national standard. The top markets also boast roughly 25% more amenities per capita than the 200 largest metro average. Amenities are measured as the average number of stores per specific “everyday splurge” category (coffee, upscale/specialty grocery, home improvement, fitness) per capita in an area.”

Affordability, manageable metro sizes, and healthy job markets were also a trademark of the revised rankings top markets. Solid economies, low prices, and favorable access to amenities meant this quarter’s markets made a bigger splash than their size might suggest. Just four markets boasted more than 1 million residents, according to Realtor.com.

The report did not list a breakdown of ranking evaluations for individual markets.

The ranking evaluates the 200 most populous core-based statistical areas, as measured by the U.S. Census Bureau, and defined by March 2020 delineation standards for eight indicators across two broad categories: real estate market (60%) and economic health and quality of life (40%). Each market is ranked on a scale of 0 to 100 according to the category indicators, and the overall result is based on the weighted sum of these rankings. The real estate market category indicators are: real estate demand (15%), based on average pageviews per property; real estate supply (15%), based on median days on market for real estate listings; median listing price trend (15%), based on annual price growth over the quarter; property taxes (10%); and climate risk to properties (10%). The economic and quality of life category indicators are: unemployment (5%); wages (5%); regional price parities (5%); the share of foreign born (5%); small businesses (5%); amenities (10%), measured as the average number of stores per specific “everyday splurge” category (coffee, upscale/specialty grocery, home improvement, fitness) per capita in an area; and commute time (5%).

Categories: REAL ESTATE