Scarcity of homes for sale blamed on fewer developers
(Nathan Baker/Johnson City Press)
1 / 1 A subdivision will be built on 32 acres of vacant land formerly owned by Eastman Chemical Company.
A national drought of available homes for sale is drying out the market here in Northeast Tennessee, potentially affecting first-time homebuyers and expanding businesses looking for new workers.
In a recent report, the Associated Press highlighted the nationwide lack of houses for sale at the start of the spring buying season, a trend leaving inventories at their lowest levels in 20 years. The largest declines in inventories were seen at affordable price points generally favored by new buyers.Figures gathered by the AP by ZIP code show significantly fewer active listings in February for most communities in the region compared to the year before.
In the 37601 code, on the east side of Johnson City, active listings fell 25 percent in a year, and homes were on the market for a 17.8 percent shorter time.In Kingsport, the 37665 ZIP code, along Lynn Garden Drive to the state line, inventory fell 33.3 percent.According to Northeast Tennessee Association of Realtors data, housing inventories have been tight in the area for at least two years.
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