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Tri-Cities Housing Market Continues to Favor Sellers

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Residential homes in the Tri-Cities area

News Summary

The Tri-Cities housing market is transitioning, with sellers still enjoying an advantage despite improved choices for buyers in certain price ranges. Inventory levels are increasing, particularly in homes priced above $300,000. However, properties under $200,000 are facing inventory shortages, complicating the market for first-time buyers. Although active listings are rising, the overall market remains tilted towards sellers, with a potential improvement anticipated by 2025 as market conditions evolve.

Tri-Cities, TN – The Tri-Cities housing market is showing signs of transition, providing a unique set of circumstances where sellers continue to hold the advantage. Although buyers are beginning to experience improved choices and increased bargaining power, particularly in certain price ranges, a full buyer’s market remains out of reach.

Recent analyses indicate that inventory levels are incrementally improving, particularly in the higher price brackets. Homes priced above $300,000 are seeing a significant increase in active listings, while the $500,000+ segment is reporting the most substantial inventory gains. This uptick comes as builders shift their focus towards higher-margin residences amid a cooling of demand at the luxury end of the market.

In contrast, lower price ranges, particularly homes under $200,000, are experiencing extreme tightness in inventory. This scarcity often leads to multiple offers and rapid sales, creating challenges for first-time buyers and individuals seeking modest housing options. As of early May, inventory levels in the $200,000 to $400,000 price tiers show balanced conditions, indicating around 4.5 to 6 months of availability. However, overall inventory in the Tri-Cities is still far from balanced or approaching pre-pandemic levels.

While active listings have steadily risen, they are primarily concentrated in higher price tiers. The overall market dynamics suggest an ongoing affordability crisis that remains a concern for prospective buyers, even with signs of enhanced sales activity in price ranges below $400,000. Through improved market conditions, particularly in the $200K to $400K range, some analysts believe that inventory levels are stabilizing, although the shortage of affordable homes continues to inhibit wider access to the housing market.

The median time on the market for homes sold in April was recorded at 57 days, remaining consistent with the previous year. Regional variations in market times highlight the diverse conditions across the Tri-Cities area. For instance, homes in Bristol, VA, sold within 50 days and displayed a minor inventory increase. Bristol, TN, had the shortest market time at just 13 days alongside a slight inventory increase, whereas Greeneville homes sold in 30 days. Johnson City properties had an exceptionally quick turnover of just 7 days, and the Kingsport market marked a 19-day average.

Despite rising activity levels and certain submarkets that are demonstrating faster sales, the luxury market faces noticeable softness, causing experts to advise on the importance of obtaining hyperlocal market data to navigate the complexities of home buying and selling effectively. Additionally, first-time buyers and those searching for lower-priced homes continue to grapple with significant disadvantages due to limited availability in cheaper segments.

Local real estate professionals are conveying increasing optimism for the market’s future, projecting potential strength by 2025. Early indications suggest that buying and selling activities have commenced earlier than usual this year, hinting at an evolving landscape for both buyers and sellers as the Tri-Cities real estate market adapts to changing conditions.

Deeper Dive: News & Info About This Topic

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Additional Resources

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Author: HERE Bristol

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