(WJHL) — Home sales continue to rise in the Tri-Cities.
The Northeast Tennessee Association of Realtors, or NETAR, says homeowners accepted a record number of offers last month with 1,083 offers accepted for single-family homes and condos.
That’s more than a 9% increase from April, and more than 23% higher than May 2020.
The average sales price for May was over $232,000, up more than 27% from a year ago.
The City of Kingsport says it is seeing a “housing boom.” According to the city, more than 700 new market-rate apartments that were built in a two-period are now full.
City officials say there were over 600 lots in development in February, but now there are more than 1,500.
“It could add as many as 1,000 students to our schools, it’s going to mean around over $300 million in real estate sales, which helps our local economy, tax base, realtors, and everybody through the entire process, and we’re excited to see the number of citizens that could grow our community as much as 3% in the coming years,” said John Rose, director of the city’s economic development department.
NETAR reports housing market conditions in seven Northeast Tennessee continues and four Southwest Virginia counties.