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Knoxville Real Estate Market Update Through August

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knoxville real estate market updateThe Knoxville real estate market is continuing along on a steady pace, while other parts of the country continue to slow.

August data shows that the average sales price of homes in Knoxville increased 3.49% from one year ago to $189,916, with a year to date improvement of 4.53%.  What does this mean?  Home prices are still trending in a positive direction.

Average days on the market of Knoxville homes for sale saw a small improvement over last month as it dropped to 99 days from 102.

Inventory levels are down in all price points under $300,000 compared to this time last year, with total inventory of active listings down 6.8% overall.  Homes under $120,000 have seen the biggest drop in inventory.

The price point showing the largest improvement by far, are homes above $400,000 and especially above $500,000.  Homes over $500,000 have seen a 32.1% increase in sales over this time last year (homes between $400,000-$499,999 saw a 9.7% increase).

Year to date existing home sales are nearly the same as last year (down only 10 homes), but August sales are down 7.7% from 2013 most likely due to constrained inventory.

Have more questions about the Knoxville real estate market or buying or selling a home in Knoxville? Don’t hesitate to contact me, Troy Stavros with Gables & Gates, REALTORS, today!

Knoxville August Home Market Update

 

2051 Willow View Lane, Knoxville, TN 37922 Home for Sale

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2051 Willow View Lane, Knoxville, TN 37922UPDATE: SOLD! We just listed this West Knoxville cul-de-sac home at 2051 Willow View Lane, Knoxville, TN 37922 in the Highlands at Northshore Subdivision.  3 levels of living.  Great open floor plan for entertaining gives you easy access to the kitchen, family room, and back deck within steps of each other.  Quaint covered front porch overlooks a quiet cul-de-sac at the back of the neighborhood perfect for riding bikes or playing catch. The 3rd level features what would be a bedroom or large bonus room with it’s own private bath.  The Highlands at Northshore neighborhood features amenities such as a clubhouse, swimming pool, play area, and walking trails. Call us today at 865-999-0925 to schedule your appointment to see this beautiful home.

 

How Are Knoxville Home Prices Up and Affordability as well?

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affordability of homes in knoxvilleHow are Knoxville home prices up and affordability as well? Recently released data from the July Existing Home Sales release published in late August states that median priced existing homes have increased in price by 9.4% from one year ago. With that being said, you as a Knoxville home buyer might ask yourself, have I missed the best time to buy?  The answer is no.  Why, do you ask.  Because while prices are up from one year ago, mortgage interest rates are down nearly a full percentage point and according to recent economic data, incomes are modestly up.

All of these factors are used to calculate the “Housing Affordability Index”.

Are you ready to take advantage of this incredible time of affordability?  Call or text us today at 865-999-0925.

SOURCE: http://economistsoutlook.blogs.realtor.org/2012/09/07/latest-housing-affordability-index/

Golf Home for Sale! 12349 N. Fox Den Drive, Knoxville, TN 37934

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This listing is no longer available.

Homes for sale in Fox DenNew Listing! Knoxville golf home for sale located in Farragut, TN on the Fox Den Country Club golf course at 12349 N. Fox Den Drive, Knoxville, TN 37934.  Just in time for next week’s Knoxville Open!  One of a kind, completely updated, one level living combined with excellent outdoor living space.  Located on the signature 5th hole. Enjoy watching the golfers hit their approach shots into the green.  Less than a minute drive gets you to the Country Club with it’s 18 hole Championship golf course, practice facilities, tennis courts, swimming pool, and clubhouse with 2 restaurants and a bar.

Click HERE to see ALL Homes for sale in Fox Den

Closing costs in Tennessee are in line with the national average

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closing costs in KnoxvilleOrigination and title costs on a $200,000 mortgage averaged $3,754 nationwide, down 7.4 percent from 2011, based on Bankrate’s annual survey. Origination fees declined 1 percent; while title and closing costs shrank nearly 12 percent. For the third straight year, New York had the highest closing costs at $5,435, followed by Texas at $4,619 and Pennsylvania at $4,467; while Missouri, Kansas, and Colorado had the lowest closing costs at $3,006, $3,193 and $3,199, respectively.

How do closing costs in Tennessee stack up?

The average closing cost on a $200,000 mortgage in Tennessee in 2012 is $3,747 (in line with the national average) — $1,587 for origination fees and $2,160 for title and closing costs.

Bankrate.com surveyed up to 10 lenders in each state in June 2012 and obtained online good faith estimates for a $200,000 mortgage to buy a single-family home with a 20 percent down payment in the state’s largest city. Costs include fees charged by lenders, as well as third-party fees for services such as appraisals and title insurance. The survey excludes taxes, property insurance, association fees, interest and other prepaid items.

SOURCE: BANKRATE.COM

3640 Sandy Shore Drive, Lenoir City, TN 37772 LAKE HOME for sale

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This listing is no longer available.

3640 Sandy Shore Drive, Lenoir City, TN 37772Just listed!  Immaculate Knoxville lake home for sale at 3640 Sandy Shore Drive, Lenoir City, TN 37772 in the Ft. Loudon Estates neighborhood.  Conveniently located just over the dam off HWY 321 and minutes to shopping and restaurants.  Only 15 minutes from Farragut, TN!   This practically maintenance free brick home has been impeccably maintained.  Custom build by the current owner to take advantage of the views of the lake.  Built as a “forever” dream home, the owner even made sure the home was handicap accessible by making the hallways and doorways large enough to accommodate a wheelchair.  One level living with the addition of a partially finished basement should you need extra room.  The storage room in the lower level has a 12 foot door and is large enough to store multiple boats.  Not only does this home have a private boat dock with lift, but the owner put in his own separate 12 foot driveway down to the lake as a personal boat ramp complete with a concrete wall and rip rap!  This is an amazing house and you would be hard pressed to find another on the lake similar at this price.  Call/TEXT Troy Stavros at 865-999-0925 for more information or to schedule your private showing.

 

Farragut Homes by Price