The Tri-Cities is quietly rewriting its price ceiling, and October’s numbers add more confirmation to a trend that’s no longer emerging but establishing.
So far this year, the region has recorded 74 home sales in the $1 million or above class. This time last year there were 61 sales.
Oct. Sales and Trend Summary
- Last month’s nine $1M+ sales are up 21.3% year-over-year
- Inventory is deep enough for selection, but not yet an excess
- Demand is holding into the fall slowdown
- Luxury housing is now a permanent and expanding segment
- The region is actively upgrading its economic profile
Oct. Top Sale
Last month’s top sale was a custom-built 4-bedroom, 4,465 sq. ft. home in Johnson City’s Chestnut Grove community. It sold for $1.5 million. It was one of three top-end cash sales and on the market for 87 days. The luxury home included a dedicated in-law suite and outdoor living spaces.
Six of last month’s top sales were in Johnson City – the region’s anchor for high-end sales.
Distribution of October’s $1 million-plus home sales
Luxury Is No Longer a Niche
A decade ago, million-dollar sales here were viewed as irregular outliers. That’s no longer the case. The Tri-Cities is evolving into a value-luxury destination, driven by multiple overlapping forces:
- In-migration from higher-cost metro markets
- Accumulated equity gains from longtime local homeowners
- Remote and hybrid earners choosing lifestyle over congestion
- Retiring professionals bringing urban wealth into a lower-cost region
This is not speculative demand. These are equity-driven, lifestyle-driven, and retirement-driven buyers – the most stable form of housing demand. on paper, 98 active listings against 74 year-to-date sales suggest a 13-month supply at current velocity. In a traditional market, that would indicate excess inventory. But luxury doesn’t follow traditional rules.
If current trends normalize, the Tri-Cities could see 80 $1 million-plus sales next year and punch through the triple-digit threshold in 2030 with around 100 to 110 sales.