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Real Estate Market Update | April 2023
Dated: May 25 2023
As we delve into the local real estate market of the Tri-Cities region spanning Tennessee and Virginia, April 2023 reveals an interesting blend of statistics. With a substantial increase in the number of listings compared to last year, coupled with varying sales figures across different cities, it's important to analyze the market dynamics and understand the factors contributing to these trends. In this article, we will explore the latest data and provide insights into the state of the real estate market in Johnson City, Kingsport, and Bristol.
According to data from donfenley.com, Don Fenley explains, "While the Tri-Cities real estate market is experiencing an increase in the number of listings, it is important to note the contrasting trends in home sales and median sales prices. This indicates a potential shift in buyer behavior and market dynamics. As we navigate through these changes, it is crucial for both buyers and sellers to stay informed and adapt their strategies accordingly."
Tri-Cities Market Overview:
In April 2023, the Tri-Cities region experienced a notable increase in the number of listings, which rose by 44% compared to April 2022. However, when considering the year-to-date figures, the overall increase in listings is more modest at 2.9%. This suggests a potential shift in the market dynamics throughout the year.
Home Sales Performance - Home sales in April 2023 witnessed a decline of 26.4% compared to the previous year. When examining the year-to-date data, we find a similar trend, with sales down by 24.3% compared to the same period last year. These figures indicate a slowdown in the pace of home sales in the Tri-Cities region.
Median Sale Price - The median sale price for residential listings in April 2023 reached $248,095, representing a significant increase of 12.7% compared to the previous year. This upward trend in home prices reflects the continued demand for properties in the Tri-Cities area.
Median Days on Market - The median days on the market for homes in April 2023 stood at 47 days, which marks an 11.9% increase compared to the previous year. This suggests that homes are taking slightly longer to sell, indicating a more balanced market compared to the previous year.
Johnson City - In Johnson City, the median sales price for April 2023 was $238,750, representing a minor decrease of 0.5% compared to the same period last year. The year-to-date median sales price stands at $247,190, reflecting a decrease of 4.9% compared to last year. Despite the recent decline, Johnson City has seen remarkable growth with a 57% increase in median sales price since 2019. However, home sales in Johnson City have experienced a decline of 20.3% year-to-date, while the number of listings is only 4.7% higher than last year.
Kingsport - Kingsport, on the other hand, has witnessed a significant surge in median sales prices. In April 2023, the median sales price reached $265,445, marking a substantial increase of 17.9% compared to the previous year. The year-to-date median sales price for Kingsport stands at $256,700, reflecting a remarkable growth of 28.9% compared to last year. However, Kingsport has experienced a decline of 28.7% in home sales year-to-date, with the number of listings for sale rising by only 3.5% compared to the previous year.
Bristol - Bristol has also experienced a notable increase in median sales prices. In April 2023, the median sales price reached $209,900, reflecting a significant rise of 27.2% compared to the previous year. The year-to-date median sales price for Bristol stands at $199,950, representing a growth of 7.9% compared to last year. However, Bristol's home sales have declined by 27.3% from last year, while the number of listings for sale is only 6.3% higher than last year.
The Tri-Cities real estate market for April 2023 has shown interesting dynamics. While the number of listings has seen a substantial increase compared to the previous year, home sales have experienced a decline. Median sale prices, however, have continued to rise, suggesting continued demand for properties in the region. As we delve into the city-specific statistics, we observe variations in performance, with Kingsport and Bristol experiencing significant growth in median sales prices despite a decline in sales. Johnson City, on the other hand, has seen a decline in both sales and median sales prices. These statistics provide valuable insights for buyers, sellers, and investors navigating the Tri-Cities real estate market in April 2023.
Data Source: Tennessee/Virginia Regional Multiple Listing Service
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