Tri-Cities realtors report home sales are increasing while prices decrease

FILE – A “sold” is posted outside a single family home in a residential neighborhood, in Glenside, Pa., Wednesday, Aug. 4, 2021. Average …

FILE – A “sold” is posted outside a single family home in a residential neighborhood, in Glenside, Pa., Wednesday, Aug. 4, 2021. Average long-term U.S. mortgage rates jumped again this week, Thursday, Sept. 8, 2022, to their highest level in almost 14 years, certain to keep even more potential buyers out of a housing market that’s cooled considerably since the Federal Reserve began jacking up its benchmark borrowing rate. .(AP Photo/Matt Rourke, File)

by: Kelly Grosfield

Posted: Apr 10, 2023 / 07:58 AM EDT

Updated: Apr 10, 2023 / 07:58 AM EDT

GRAY, Tenn. (WJHL) – The Northeast Tennessee Association of Realtors (NETAR) is reporting an increase in area home sales as prices dip.

New statistics reveal sales were up 43 percent from last month. These numbers mean good news for buyers as realtors state sellers dropped their asking price on 34 percent of those sales.

Officials with NETAR said the housing market went into ‘spring selling and buying mode’ last month.

“We’re still struggling with issues like inventory and affordability, but activity is rapidly picking up with the warmer weather,” said NETAR President Jan Stapleton. “There has been a slight increase in new listings, but buyers are snapping them up almost as fast as they go public.”

The latest release from NETAR states there were 645 closings on existing single-family and condo home sales last month, that’s up from 450 in February. However, compared to last year, local realtors said sales are down 20.4%.

Last month’s median sales price was $236,500, down from $240,000 in February and up 5.1 percent from March last year.

The price peaked at $250,000 in May 2022.

NETAR said Kingsport recorded the most sales, while Piney Flats had the highest median price.