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By DON FENLEY

October’s home sales report shows that price strength during the month was concentrated in a handful of higher-end and fast-moving markets, rather than evenly distributed across the region. Overall, 11 submarkets had prices above the regional median and 10 had prices below the regional median.

The figures do not show a long-term direction on their own. They reflect what sold in October, not a definitive shift in the broader market. In smaller communities especially, just a handful of higher-priced homes can materially change the median from one year to the next.

Piney Flats recorded the highest median sales price ($600,000) in the Tri-Cities. Paired with a strong annual change, this highlights how a small number of higher-end transactions can significantly influence a monthly snapshot in a low-inventory, high-demand location.

Abingdon posted the sharpest year-over-year growth (88.9%) which reflects a changing growth and housing dynamic in SW VA.

Telford followed closely. As with several smaller markets in the region, a relatively thin pool of sales combined with a few move-up or new-construction properties can create pronounced month-to-month or year-to-year swings.

Another notable result came from Roan Mountain.

Among the more established residential hubs, October also produced solid positioning. Jonesborough finished the month at a $414,950 median, up 18.6%, while Gray posted a $415,500 median, up 15.4%. Johnson City, the region’s largest and most active market, recorded a $359,690 median, reflecting a 23.0% year-over-year increase for the month.

Categories: CORE DATA