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Johnson City, TN – Emerging Housing Market July 2021

The Wall Street Journal and Realtor.com released the second “Emerging Housing Markets Index” this month. The goal of the index is to identify markets that offer attractive lifestyle amenities and are expected to see home price growth – prime areas for both homeowners and investors to purchase a home.

Johnson City Ranks 8^th

Among the 300 biggest metro areas in the U.S., Johnson City, Tennessee, with a 2020 population of 203,980, came in at number 8 on the Emerging Housing Market Index, an increase of 15 spots compared to last quarter.

Qualifications

The index evaluates standards for eight indicators related to the real estate market and economic health and quality of life. The real estate market category looks at real estate demand, real estate supply, and median listing price trend. The economic and quality of life category evaluates unemployment rates, wages, regional price parities, the share of foreign born residents, small businesses, amenities, commute, and real estate taxes.

Here’s what the data tells us about the top 20 cities on the index compared to the 280 metropolitan areas that did not make the list:

Low effective real estate tax rates (In fact, Johnson City’s low rate of 0.60% was responsible for kicking it up 6 spots in the index.)
Median home listing price of $349,900 (compared to $361,900 overall)
Limited housing supply and strong buyer demand (average 18 days to sell compared to 41 days overall)
Smaller population sizes (average under 300,000)
Low unemployment rates (average 4.4%)
Shorter commutes (average 22.8 minutes)
Flourishing small business market (average of 46.1 small businesses per million people compared to 35.6 per million overall)
High percentage of non-local home shoppers

The South Reigns

While Johnson City is the only city in Tennessee to make the list, it’s certainly not the only southern city on the list. The South, tied with the Midwest, accounted for the most new cities on the index with 5 making the list – Raleigh, North Carolina (5), Waco, Texas (7), Johnson City, Tennessee (8), Huntsville, Alabama (10), and Elizabethtown-Fort Knox, Kentucky (20).