December home sales lift Tri-Cities 2019 housing market to new highs

Hank Hayes • Jan 16, 2020 at 7:00 PM

GRAY — December’s Tri-Cities area housing market lifted annual sales and prices to new highs, according to a report released Wednesday by the Northeast Tennessee Association of Realtors (NETAR).

Kristi Bailey, NETAR 2020 president, said 2019 saw several housing market milestones:

The average single-family resale price had the biggest annual increase since 2008; it was the ninth straight year sales have increased and the best annual increase in three years; and it was the fourth straight year total volume for existing home sales exceeded $1 billion.

There were 557 residential closings last month — up 26.6% from December 2018, according to the NETAR December Trends Report. The average residential sales price of $179,230 was a 12.6% improvement from the previous December, giving the average seller a $20,018 year-over-year price appreciation.

NETAR noted single-family resales — the dominant component of the existing home sale market — posted a 24.4% gain over December 2018 and the average sales price of $182,879 was up 14.4%. That’s an increase of $23,0431 from December 2018.

Townhome/condominium closings were up 54.8% while the average sales price of $140,539 was down 6.9%.

The 2019 annual residential and single-family resales were both 6.5% higher than in 2018.

The annual average single-family sales price was $183,741, up 6% from 2018, while the annual residential average sales price of $179,888 was a 5.9% improvement from 2018.

The 11-county region had 3.8 months of inventory in December. It was the ninth straight month it has been below 4.5 months. That’s the two-year average for the region. Inventory in some city markets is closer to a two month supply.

There were 9,442 new listings during 2019, according to Realtor Property Resource (RPR). That was 12 more than 2018’s total new listings.

The average December closing was on the market for 99 days, according to RPR.

RPR’s annual data shows the average area residential listing price during 2019 was $245,912, up 8.4% from the 2018 average.

NETAR’s report covers housing market conditions in Carter, Greene, Hawkins, Johnson, Sullivan, Unicoi, and Washington counties in Northeast Tennessee and Scott, Lee, Wise, and Washington counties in Southwest Virginia. It also includes market data from the region’s primary city markets. City and county market share, year-over-year and year-to-date closings and average sales prices are available on the NETAR website’s market analytics page at https://netar.us/market-analytics.