January’s top sale was in NE Johnson City. The five-bedroom, eight-bath home was a cash sale for $1.9 million.
By DON FENLEY
Cash sales of $1 million-plus Tri-Cities homes surged in January, according to the Northeast Tennessee Association of Realtors (NETAR).
January’s top sale was in NE Johnson City. The five-bedroom, eight-bath home was a cash sale for $1.9 million. It’s a 9,500 sqft home on six acres on Boone Lake.
Six homes sold in the market’s top price range last month, matching the number of sales during the previous year. Total dollar volume for those sales climbed sharply. They were up 25.6% year over year to $8.88 million.
The median sales price for the top sale was up 35.7% from the January 2024 top sale. It was on the market for 499 days.
Cash buyers accounted for five of the six luxury transactions in January. That’s an 83% share, compared with just one cash sale out of six a year ago.
January sales extended last year’s upward trajectory in luxury market activity underscoring the growing influence of equity-rich and high-net-worth buyers in the region.
While the number of $1M-plus sales remained unchanged from last year, the higher prices and dominance of cash purchases point to strengthening confidence among affluent buyers and investors.