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Northeast Tennessee & Southwest Virginia Real Estate Market Report: December 2021 Edition

The last month of 2021 saw some pretty incredible results for the Tri-Cities’ real estate market. For starters, the availability of homes, also known as the supply, dropped to a historic low. With only 1.3 months of inventory available, our real estate market is going month-to-month as the number of homebuyers continues to exceed the number of homesellers. Aside from the number of homes on the market, prices continued to exceed expectations. Bristol, TN took the top spot in December with the average home price increasing $42,253. Moreover, the average selling price compared to 2020 shot up an astounding $92,202 in Bristol, TN. Homes continue to stay on the market for roughly two months. This is the amount of time it is taking for a listing to go from active to close. When you consider all the steps that go into selling a home: from getting documents signed, photography and videography completed, to negotiations, closing, and more, this is truly a testament to all parties involved in the real estate transaction. Curious about your neighborhood? Check out the results below…

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