Real estate experts say early indicators point to another positive year for the Tri-Cities’ housing market.
With one month still to be counted, Northeast Tennessee’s housing market nears another record year and the second consecutive with residential sales more than $1 billion.
New research shows the number of home foreclosures across Tennessee has been cut in half since the end of 2014, according to theTennessee Housing Development Agency.
The region’s housing market continued to improve in September, with 695 new sales contracts signed on single-family homes.
Although the Tri-Cities housing market experienced typical seasonal slowing in July, pending sales continued booming at a record pace, according to the latest Northeast Tennessee Association of Realtors report.
For the first time in four months, July single-family home sales in the Tri-Cities region surpassed the figure posted in the same month last year, but did so by the thinnest of margins.
The number of available homes for sale are half what they should be, and local Realtors are worried the tight inventory could drag down sales.
SAN FRANCISCO — Yul Dorn and his wife raised their son and daughter in a two-story home crammed with family photos, one they bought in a historically African-American neighborhood in San Francisco more than two decades ago.
Home prices are up 4.3 percent for the year in the Tri-Cities, solidifying the region’s place in a seller’s market.
While more houses in the Tri-Cities are under sales contracts, the number of new homes listed on the market are not keeping up, decreasing available properties for sale and increasing prices.
Builders are showing more interest in the Tri-Cities housing market this construction season, a growing trend that could help put more homes in circulation.
A national drought of available homes for sale is drying out the market here in Northeast Tennessee, potentially affecting first-time homebuyers and expanding businesses looking for new workers.
All streaks must come to an end eventually, and Northeast Tennessee Association of Realtors President Eric Kistner doesn’t want a February drop in single-family home sales to panic buyers and sellers.
If you want to get the pulse of the housing market in the Tri-Cities, Bob Hefty’s office is a pretty good place to start.
The growth of Tri-Cities home sales has currently flatlined, but housing market experts say it’s not yet time to panic.