By DON FENLEY

Premium residential market sales were down 50% in February. There were four $1 million-plus sales compared to eight during the same month last year.

February’s top of the market sale was a three-bedroom, five-bath $1.5 million home in Sullivan Co. It’s on 20 acres of rolling farmland that included a barn, a stocked farm pond, and a 200-yard shooting lane.

The main floor includes a large living room, an expansive kitchen and dining area, and the primary bedroom and en suite bath. The upstairs comprises two more bedrooms and a full bath.

A loft offers the option of a second living area, a library, or a playroom. The basement is also a potential second living area that includes two rooms that are usable as bedrooms or office space, a full bath, and a second kitchen. There’s also a safe room with a secret entrance.

The average price of last month’s premium market sales was $1.2 million, down from $1.4 million last year. Three of the sales were on parcels of 10 acres or more.

Last month’s top sales were notably smaller than last year. The average square footage dropped from 4,208 sq. ft. to 3,628 sq. ft. Despite the size decrease, the average price per finished sq. ft edged upward. It increased to $348 per sq. ft. last month from $340 per sq. ft. last year.

Half of last month’s luxury transactions were all-cash purchases, matching the 50% cash sale rate seen in February 2025. The consistent share of cash buyers suggests the region’s high-end market continues to attract well-capitalized buyers largely insulated from mortgage-rate fluctuations.

There are 92 active listings for homes with an asking price of $1 million or more in the primary area served by the Northeast Tennessee Association of Realtors.

Categories: REAL ESTATE