Homes prices in the region continue to decline as the country recovers from the housing bubble, according to data from the Northeast Tennessee Association of Realtors.
The average price for a home in Bristol, Tenn. last month was $125,765, down 26.5 percent from the same period last year. The year-to-date average is down 15 percent. The average price for Bristol, Va. was $74,833, down 4.8 percent from last year, and the year-to-date average was down 19.1 percent.
“We are still on a slow recovery,” Northeast Tennessee Association of Realtors President Gwen Lilley said. “Certain areas are performing better than others.”
Foreclosures, especially in Bristol, are having a serious impact on the market, Lilley said. In Bristol Tenn., 38.5 percent of homes sold were foreclosed properties and 33.3 percent in Bristol, Va. The national average is approximately 30 percent.
“Bristol is higher for some reason,” Lilley said. “That is the highest in the region.”
Thirteen homes sold in Bristol, Tenn. and three homes sold in Bristol, Va. in November.
The length of time it takes to sell a home is also longer than last year. In November of 2010, it took 159 days to sell a home, and it took 181 days last month.
Lilley said the market has reached the bottom, and she was optimistic that conditions will improve in the coming months.
“I look at it with a positive outlook, but it is going to be slow,” she said.
The market is especially soft for high-end homes, Lilley said.
“It has slowed down a bit for the higher-priced home,” she said. “In this economy, people are holding their money closer.”
Lending is also a challenge. Fewer people are qualifying for a mortgage, which has reduced the number of people who can purchase a home.
Lilley added that the recent job losses in the Bristol area were not a good sign for the area.
“We need to get more jobs,” Lilley said.
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