Tri-Cities home sales bucking national trend (Johnson City, Kingsport: appointed, real estate, condominiums)

[kamoshika]

TriCities.com - News - HOME SALES: Tri-Cities increasing over national average (http://www.tricities.com/tristate/tri/news.apx.-content-articles-TRI-2007-07-04-0012.html - broken link)

Home sales have increased regionwide during each of the past four years, with more than 5,300 sold in 2006. Johnson City led the greater Tri-Cities area with more than 2,300 sold.

The median price of a Bristol home sold during early 2007 was more than $143,000, according to the real estate firm’s research.

The price is comparable to the 2005 average price, but slightly below the 2006 median of more than $149,000.

The 2007 drop is the same regionwide, however, as the nearly $141,000 average price is about $5,000 below last year, figures show.

During the first quarter, average home sale prices in Johnson City were $166,000, compared to $128,000 in Greeneville and $124,000 in Kingsport.
TriCities.com - News - Developers say Bristol housing market remains steady (http://www.tricities.com/tristate/tri/news.apx.-content-articles-TRI-2007-06-10-0012.html - broken link)

Low-maintenance living is the nation’s hottest housing trend, and interested local buyers soon will have plenty of opportunities to participate.

More than 250 low- or maintenance-free condominiums, townhomes and single-family houses are under construction in the area or in some phase of the approval or design process.
TriCities.com - News - Low-maintenance living comes to the Tri-Cities (http://www.tricities.com/tristate/tri/news.apx.-content-articles-TRI-2007-06-10-0011.html - broken link)

[Emu]

For $140,000 you get a fixer-upper. If you want a nice middle class 3 bedroom home you are looking in the $315,000 range give or take. We recently visited and were shocked at the prices. Anything new and decent will run you at least $245,000.

[mbmouse]

Hmm... not sure where you were looking but after a 30 second search I came up with over 20 homes under 175k that are nothing like a "fixer upper" in just one Johnson City zip code.
Here are the Realtor.com links to them:
REALTOR.com: Find a Home - Listing Detail
REALTOR.com: Find a Home - Listing Detail
REALTOR.com: Find a Home - Listing Detail

When I added the "add more area's and chose 2 more zip codes, came up with over 100 homes!

[kamoshika]

A little research is the best preventive measure for sticker shock.

I also did a search using the same site as mbmouse and came up w/ over 200 Tri-Cities listings for 3-bedroom homes priced between $125-150K. Using the largest local realtor's database, I found 159 homes w/ at least 3 bedrooms & 2000 sq. ft. in the $125-200K range (but only 19 of those were less than 2 years old). The vast majority do not appear to be "fixer-uppers."

When my parents sold my grandmother's 38-year-old, 2200-sq.-ft. ranch house in Kingsport 2 years ago, it was in excellent condition, had a fenced yard w/ a new storage shed, and in a great neighborhood & school district...but they only got $100K for it.

IOW, if you're looking for a nice 3-bedroom home in a safe, well-established neighborhood almost anywhere in the Tri-Cities, there are plenty to be found for under $150K. But if one only looks at the hot, new subdivisions in & around JC, you're clearly gonna be looking at a lot less bang for the buck.

[Emu]

We looked at some real estate magazines and on-line and found what we thought were nice homes in the $100,000s, but when we went and looked at them we were disappointed. Different real estate agents told us we would not be able to get anything like what we were looking for for less than $240,000. Please note that we live in a new house now....well, we had it built 3 years ago. I guess if you don't mind living in an older home that may need some updating, then you might find something to fit the bill. We were not looking in Johnson City, but surrounding towns. Maybe it has to do what your expectations are as far as how old of a home you are interested in. We just did not find anything nice in the $100,000s. Pictures and descriptions were very deceiving.

[jchometeam]

There are many good, affordable homes in the Tri-Cities. However, the area builders are concentrating on upper end homes, obviously more profit margin than homes in the 100-150 range. The homes under 150-175k tend to be split foyer or older range homes. If you go to the Jonesborough area, just 10 minutes from Johnson City, you get much more house for the dollar.

[suncruiser]

Like Emu said, it is all depends on your expectation..
I moved from NJ and with 300k, can not buy a two bedroom house, but here in Johnson city , you can get some nice homes here...