By DON FENLEY

Top of the housing market closed the year with less than half of the sales of the previous year. There were 70 $1-million plus sales, down from 123 during 2023.

Leading December’s sales is a four-bedroom, six-bath $2.3 million cash sale in the Ridges. The home has two primary suites and two second-level guest bedrooms with ensuite baths. There’s elevator access to each level. The great room, kitchen and accompanying spaces are appointed to the executive level expected in a luxury-class home.

Cash accounted for 45% of last year’s $1-million plus sales. The annual cash sales for the overall market last year was 30% in the region monitored by  the Northeast Tennessee Association of Realtors (NETAR). Aside from the cash and conventional financing, there were three sales that used VA loans, and one was owner financed.

Washington Co. TN had the lion’s share of high-end sales (31) followed by Sullivan Co. (15).

December top sale

There are currently 53 listings in the NETAR region for homes with a listing price of $1-million or more. The most current Census data there are 1,432 homes valued at $1 million or more in the NETAR region. That number lags 2024 new construction, which was a record year for new construction loans in that price range.

The top 2024 transaction was a $4.2 million cash sale for a five-bedroom, eight-bath home in Horseshoe Cove in Carter Co.

The $500K plus price tier had 900 sales in 2024, up from 810 during the previous year and the outlook for the early 2025 market is strong.

2024 top sale

Pending sales in that price range were up 16.7% (56 contracts) in December and there no shortage of active inventory. There are 399 active listings and new listings were up 29.1% on 71 contacts.

Categories: REAL ESTATE