Rogersville recorded the highest rate of seller price reductions among established Tri-Cities housing markets in July. Of its 21 completed sales, 12 involved a price cut, producing a market-leading share of 57.1%.
Gray followed with reductions on eight of its 16 sales, or 50%. Blountville ranked third, with 13 of its 27 sellers reducing their asking price before closing—a share of 48.1%.
These are mid-sized housing markets, so a few additional reductions can shift their percentages quickly. Even so, the results point to a clear trend: sellers in Rogersville, Gray and Blountville adjusted their prices more frequently than those in the region’s larger markets.
How often sellers reduce their prices, however, does not necessarily indicate the size of those reductions. Rogersville had the highest price-cut share, but its average reduction was $21,125—one of the smaller averages among the ranked markets.
Gray’s sellers reduced prices less frequently than those in Rogersville, but their average cut was considerably larger at $39,625. Erwin recorded the largest average reduction at $40,550, even though price cuts occurred in only six of its 20 sales. Abingdon’s seven reductions averaged $34,643.
Buyers should consider both measurements. The price-cut share shows how likely sellers are to adjust, while the average reduction indicates how much negotiating room those adjustments may create.
The region’s largest housing markets generally remained closer to the middle of the ranking. Bristol recorded price reductions on 34 of 76 sales, resulting in a 44.7% share and an average cut of $23,965. Kingsport had 57 reductions among 140 sales, or 40.7%, with an average reduction of $22,680.
Johnson City remained the steadiest of the major markets. Only 31 of its 108 July sales involved a reduction, producing a price-cut share of 28.7%. Its sellers held their original asking prices more frequently than those in most other communities. That stability in the region’s largest market helped ease the Tri-Cities’ overall price-cut rate during the summer.
Jonesborough and Greeneville posted similar results. Price reductions occurred in 37.7% of Jonesborough sales and 37% of Greeneville sales. Church Hill and Abingdon each recorded a 31.8% share, followed by Erwin at 30%. Elizabethton had the lowest rate in the ranking at 23.5%.
Some smaller communities—including Unicoi, Hampton and Chuckey—reported even higher reduction rates. They were excluded because each recorded 12 or fewer closings. With so little activity, a single transaction can significantly change the percentage and create a misleading comparison.
July’s results show that sellers are adjusting differently across the region. Buyers may find frequent markdowns in Rogersville, Gray and Blountville, but the largest dollar reductions could appear in markets where sellers cut prices less often.
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