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East Tennessee Real Estate & Neighborhood Source

Knoxville Real Estate Market Update: September 2024 Trends and Insights

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Are you considering buying or selling a home in Knoxville, Tennessee? Stay informed with our latest market update, featuring key trends and statistics from September 2024. Whether you’re a first-time homebuyer, seasoned investor, or looking to sell your property, understanding the current real estate landscape is crucial for making informed decisions.

Knoxville Housing Market Overview

The Knoxville real estate market continues to show resilience and growth, with some interesting developments compared to the previous year. Here are the key highlights:

  1. Home Sales: Slightly down by 2.1% compared to September 2023
  2. Pending Sales: Nearly flat with a 0.9% increase year-over-year
  3. Inventory: Significantly up by 41.3%, offering more options for buyers
  4. Median Sales Price: Increased by 12.25% to $410,000
  5. Average Sold Price per Square Foot: $222
  6. Absorption Rate: 2.13 months of inventory, indicating a seller’s market

What These Numbers Mean for Buyers and Sellers

For Buyers:

  • More inventory means increased options and potentially less competition
  • However, the low absorption rate suggests the market still favors sellers
  • Prices continue to rise, emphasizing the importance of acting sooner rather than later

For Sellers:

  • The market remains in your favor with low inventory relative to demand
  • Strong price growth indicates good potential returns on your investment
  • Slightly more negotiation is happening compared to earlier in the year

Knox County Spotlight

Knox County, which includes Knoxville, shows promising trends for both buyers and sellers:

  • Available inventory up 42.8%
  • Pending sales increased by 1.7%
  • Median sales price rose 11.40% to $404,950
  • Median sold price per square foot: $221

Interest Rates and Market Dynamics

Interest rates play a crucial role in the real estate market. As of September 2024, rates were more favorable compared to the previous year when they were over 7%. We dropped down to 6.12% but recent positive labor news pushed rates back up to 6.62% on a 30 year loan as of today.

Looking Ahead: Price Predictions

Using the inventory levels compared to 2019 as an indicator, Knoxville’s housing market appears poised for continued stability or even slight price increases. With inventory levels still 15.4% below 2019 figures, we can expect prices to remain strong in the near future.

Conclusion

The Knoxville real estate market in September 2024 presents opportunities for both buyers and sellers. With increased inventory but sustained demand, it’s an excellent time to consider your real estate goals. Whether you’re looking to buy your dream home or sell your property for a great return, the current market conditions in Knoxville are favorable.

Are you ready to make your move in the Knoxville real estate market? Contact a local real estate professional to discuss your options and get personalized advice tailored to your specific situation.

Remember, real estate is local, and conditions can vary by neighborhood. For the most accurate and up-to-date information on your specific area of interest within Knoxville or the surrounding counties, reach out to a local real estate expert who can provide detailed insights and guidance.

Have any questions? Need help buying or selling a home in East Tennessee? Contact me, Troy Stavros with CornerStone Realty Associates via call or text at 865-999-0925 today. I look forward to serving you!

Stunning Custom Home Tour | Tellico Village Gem | Tennessee Luxury Real Estate – 182 Oostanali Way

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Discover your dream home at 182 Oostanali Way, Loudon, TN, nestled in the heart of Tellico Village. This custom-built masterpiece by Tyndale Construction offers the perfect blend of luxury, comfort, and resort-style living.

Exquisite Design and Craftsmanship

Step into this 3-bedroom haven featuring 2 custom luxury baths, each boasting walk-in showers with no-step entry, custom shower systems, upgraded hardware, and elegant marble countertops. The gourmet kitchen showcases quartz countertops, a quartz backsplash, and a pot filler above the stove, perfect for the culinary enthusiast. Stainless steel appliances come with a 3-year warranty, ensuring peace of mind.

Open Concept Living

The oversized kitchen island overlooks a stunning family room with vaulted ceilings and a custom tile floor-to-ceiling fireplace, creating an ideal space for entertaining. Upgraded casement windows with noise-reducing glass throughout the home provide tranquility and energy efficiency.

Unparalleled Attention to Detail

Enjoy the convenience of an oversized butler’s pantry and laundry room, both featuring quartz countertops. The home’s 2×6 exterior framing adds strength and superior insulation, while the stunning roof pitch and design, coupled with painted brick front and courtyard garage, create impressive curb appeal.

Outdoor Living at its Finest

Relax on the 29-foot screened porch, perfect for taking in the beauty of Tellico Village. The extra-large lot boasts a spacious open area to the side, ideal for outdoor activities or future expansions. An oversized driveway provides ample space for entertaining guests.

Garage and Storage

The insulated 3-car garage features 8-foot doors, a state-of-the-art camera WiFi system, and extra depth to accommodate your boat or golf cart. Bring all your toys and enjoy easy access to Tellico Lake!

Prime Tellico Village Location

Centrally located in Tellico Village, you’re just minutes away from world-class amenities including championship golf courses, pristine lakes, shopping, and more. Embrace the active lifestyle that Tellico Village offers, from water sports to social clubs and fitness centers.

Landscaping

Enjoy the natural beauty of Weeping Willow and Fig trees on the property, adding charm and character to your outdoor space.

Don’t miss this opportunity to own a true custom luxury home in one of Tennessee’s most desirable communities. Experience the perfect balance of elegant design, modern convenience, and resort-style living at 182 Oostanali Way.

Schedule your private tour today and start living your dream in Tellico Village! Contact Troy Stavros with CornerStone Realty Associates at 865-999-0925 today!

Stunning One-Level Home Near Downtown Knoxville | Updated Kitchen, Large Deck, & Big Backyard!

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Welcome to this beautifully updated, one-level home in the heart of Knoxville, Tennessee located at 3108 Walridge Road, Knoxville, TN 37921, just 13 minutes from downtown and the University of Tennessee. Step inside to discover gleaming hardwood floors and stylish tile throughout the open living spaces. The modern kitchen, with stainless steel appliances, a farmhouse sink, and charming shiplap accents, seamlessly flows into the family room, creating an inviting space for gatherings. Whether you’re hosting friends or enjoying a quiet evening, the warmth of the wood-burning fireplace in the adjoining flex space offers endless possibilities for an office, study, or cozy retreat. The owner’s suite is a true sanctuary, complete with French doors leading to a spacious deck—perfect for your morning coffee or sunset relaxation. The en-suite bathroom has been thoughtfully updated with a custom tile shower, offering a luxurious start and end to your day. Two additional bedrooms and another fully updated bathroom provide ample room for all. Outside, you’ll love the oversized composite deck, which makes for easy maintenance while overlooking the expansive, fenced backyard. Picture afternoons spent under the shade of a stunning tree, cultivating your garden, or working on projects in the convenient storage shed. The unbeatable location allows you to walk to the nearby elementary school and enjoy the strong curb appeal of this charming home. Lifestyle perks? You’re minutes from the vibrant energy of downtown Knoxville—whether it’s catching a UT football game, dining at trendy restaurants, or taking in live music, this location offers the perfect balance between quiet suburban living and exciting city life. Have questions? Want to schedule a private showing? Need help buying or selling a home anywhere around the Knoxville area? Contact me, Troy Stavros with CornerStone Realty Associates at 865-999-0925 today!

East Tennessee and Knoxville August Housing Market Update: What Homebuyers and Sellers Need to Know

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As we step into the fall season, the housing market in East Tennessee and Knoxville is displaying notable trends that are important for both buyers and sellers to understand. This August has marked some key changes in inventory, sales, and pricing that could impact how you approach buying or selling your home. Here’s a comprehensive look at the latest numbers and what they mean for you.

For Homebuyers: More Options, More Negotiation Power

The East Tennessee housing market saw a 41.9% increase in active inventory compared to last year. This means buyers now have significantly more choices when looking for a new home. With more homes on the market, the absorption rate—how long it would take to sell all the current listings—has increased to 3.69 months of inventory, edging the market closer to a balanced state.

While inventory is up, the market still isn’t entirely in buyers’ favor. A healthy, balanced market typically has around six months of inventory, so we’re still shy of that, but trending in the right direction for buyers.

This increase in inventory also comes with more negotiation leverage for buyers. The sold-to-list price ratio has been trending down since May, indicating that homes are now selling for less than their list price, giving buyers more room to negotiate. If you’re a buyer, now may be the time to make your move and secure a home at a more reasonable price.

In Knoxville specifically, inventory is up a significant 49.5%, further expanding choices for buyers. The median sales price in Knoxville is also down slightly by 1.26% from last year, now sitting at $385,000. This drop, though small, could signal an opportunity to buy in a less competitive environment.

For Home Sellers: It’s Still a Good Market—But Adjust Your Expectations

While buyers are gaining some ground, it’s important to remember that the market isn’t completely turning in their favor just yet. Sellers still hold a decent position, but it’s important to adjust expectations. Homes are taking longer to sell, with days on market trending up, and more homes are seeing price reductions before closing.

If you’re selling, pricing your home competitively is more crucial than ever. Overpricing your home in the current market could lead to longer selling times and possible price cuts down the line. It’s also worth noting that while the median sales price for active listings has held steady in many areas, the sold prices are dipping slightly, reflecting a softening demand post-spring season.

In East Tennessee, the median sales price is up 4.29% compared to last year, reaching $365,000, but in Knoxville, that price is down. This means that different areas may see different market dynamics, so understanding the nuances of your specific market can give you a strategic advantage.

Interestingly, Anderson County has bucked the overall trend. While most counties saw modest or declining price growth, Anderson County’s median sales price shot up by a whopping 36% year over year. So if you’re a seller in Anderson County, now might be the perfect time to sell!

What’s Next?

As we move into the latter part of the year, you can expect to see further shifts. Historically, fall and winter months tend to slow down in terms of new listings and price growth. Buyers can take advantage of lower competition and potentially negotiate better deals, while sellers should aim to list sooner rather than later to avoid seasonal slowdowns.

Overall, while the market is moving towards a more neutral state, both buyers and sellers can make smart, strategic moves by staying informed on the latest trends.

Have questions about the market or about anything real estate or related to East Tennessee? Need help buying or selling a home? Contact me, Troy Stavros with CornerStone Realty Associates today at 865-999-0925. We are here to serve you!

Stunning Farragut Dream Pool Home with Backyard Oasis in Rockwell Farm!

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Welcome to your dream home, perfectly nestled in the heart of sought-after Farragut, TN. Located at 436 Rockwell Farm Lane, Knoxville, Tennessee, this beautiful 2-story residence offers 4 spacious bedrooms and a large bonus room that easily serves as a 5th bedroom, providing the perfect mix of comfort and flexibility. With 2.5 elegantly updated bathrooms, this home exudes modern charm. Step inside to an inviting open floor plan, where the family room’s cozy fireplace is framed by custom built-ins, creating an atmosphere of warmth and relaxation. Hardwood floors grace most of the main level, leading to a kitchen with ample counter space, and an eat-in nook perfect for casual meals. For those who need space to work from home, the main level includes a large dedicated office, and when it’s time to entertain, the formal dining room is the ideal setting. Take advantage of both front and rear staircases for easy access to the second floor. The backyard is an outdoor oasis. Imagine cooler evenings by the firepit, or summer days spent in the refreshing inground gunite pool, or hosting gatherings or eating alfresco on the spacious patio, with plenty of grassy areas left for play and relaxation. Recent updates include brand-new HVAC units installed in July 2024, ensuring year-round comfort. The extra-large driveway and 2-car garage offer ample parking and storage space. Zoned for all Farragut schools, this home is just minutes from shopping, dining, golf courses, and the lake. Downtown Knoxville is a quick 25-minute drive, and the majestic Smoky Mountains are only 45 minutes away. Have questions? Want to schedule a tour? Need to your your home sold or help finding a home? Contact Troy Stavros with CornerStone Realty Associates at 865-999-0925 today.

JULY 2024 Knoxville & East Tennessee Housing Market Update “How’s the market?”

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If you’re considering buying or selling real estate in East Tennessee or Knoxville, staying informed about the latest market trends is crucial. The housing market in these areas continues to evolve, influenced by economic conditions, mortgage rate fluctuations, and generational trends. Here’s a comprehensive update for July 2024 to help you make the best decisions in this dynamic market.

Millennials Drive Real Estate Trends in Knoxville and East Tennessee

In 2024, Millennials have become the largest group of homebuyers, surpassing even Baby Boomers. This generational shift is having a significant impact on the East Tennessee and Knoxville real estate market. Millennials are keenly aware of the long-term financial benefits of homeownership, particularly in a market where property values have been resilient. As a result, more young buyers are entering the market, driving demand and shaping the future of real estate in Knoxville and beyond.

Mortgage Rates and Their Impact on Knoxville Real Estate

Mortgage rates have been a significant factor in the East Tennessee real estate market. Over the past two years, rates have risen from historic lows of around 3% to nearly 7%, causing many homeowners to stay put, creating a “lock-in” effect. However, as of July 2024, there’s good news for prospective buyers: mortgage rates have begun to ease, currently hovering just below 6.5%. This slight decrease is expected to continue as inflation cools and the Federal Reserve adjusts its policies.

For those looking to buy a home in Knoxville or East Tennessee, this trend could make homeownership more affordable in the coming months. On the flip side, sellers should be aware that lower rates could bring more buyers into the market, potentially increasing competition.

This shift in mortgage rates is critical for anyone considering buying a home in Knoxville or East Tennessee. Monitoring Knoxville mortgage rates and understanding how they influence home affordability will be key to timing your entry into the market.

East Tennessee Real Estate Market: Inventory and Price Trends

East Tennessee Real Estate Trends

  • Home Sales: Increased by 7.1% Year-over-Year
  • Pending Sales: Up 12.4%
  • Inventory: Rose by 42.7%
  • Median Sales Price: Up 7.14% to $375,000

The real estate market in East Tennessee is experiencing a significant increase in inventory, the highest level seen in 2024. This increase provides more options for buyers, but also indicates that the market is balancing out, with supply beginning to catch up to demand. This trend could lead to more stable prices in the coming months, making it a good time to buy a home in East Tennessee.

For those searching for East Tennessee property, the rise in inventory means more choices and potentially better deals. Keeping an eye on East Tennessee real estate trends will help you stay ahead in this evolving market.

Knoxville Real Estate Market Update

  • Home Sales: Up 15% Year-over-Year
  • Pending Sales: Up 15%
  • Inventory: Increased by 51.6%
  • Median Sales Price: Rose by 3.97% to $395,000

In Knoxville, the real estate market remains strong, with a significant year-over-year increase in both home sales and inventory. The median sales price continues to rise, though at a more moderate pace. For sellers in Knoxville, this means the market remains favorable, though pricing strategies should be carefully considered as more homes come onto the market.

If you’re considering selling your home in Knoxville, understanding these market dynamics is essential to pricing your property competitively. The current trends in Knoxville real estate indicate that while the market is still strong, strategic pricing will be key to attracting buyers.

County-Specific Real Estate Insights: Knoxville and Surrounding Areas

While the Knoxville real estate market shows steady growth, surrounding counties are experiencing mixed trends:

  • Roane County Real Estate: Inventory up 56.7%, median sales price up 8.28% to $322,950.
  • Sevier County Real Estate: Inventory up 46.55%, median sales price down 12.12% to $452,500.
  • Loudon County Real Estate: Inventory up 64.4%, slight decrease in median sales price by 1.23%.
  • Blount County Real Estate: Inventory up 35.4%, median sales price down 1.37%.

These figures highlight the importance of understanding local market conditions when buying or selling property in East Tennessee. Areas like Sevier County are seeing price drops, likely due to decreased investor activity, making it a potential opportunity for buyers. Meanwhile, counties like Roane are still experiencing strong price growth, indicating sustained demand.

Opportunities and Challenges in the Knoxville Real Estate Market

The real estate market in East Tennessee and Knoxville is showing signs of balancing out. For buyers, increasing inventory and easing mortgage rates may offer a better chance to find the right home. For sellers, especially in high-demand areas like Knoxville, the market remains favorable, but it’s important to stay competitive as more listings come online.

If you’re contemplating selling your home in Knoxville, or buying property in East Tennessee, now is the time to act. Staying informed about Knoxville real estate opportunities and challenges will help you navigate this complex market effectively.

Final Thoughts

The East Tennessee and Knoxville housing market is in a state of flux, with both growth and challenges evident in the data from July 2024. By staying informed and strategically using the current trends, buyers and sellers can make the most of the opportunities presented by this dynamic market.

For more insights into buying or selling property in East Tennessee or Knoxville, or to discuss your specific real estate needs, don’t hesitate to reach out. We’re here to help you navigate these evolving market conditions.

For more insights into buying or selling property in East Tennessee or Knoxville, or to discuss your specific real estate needs, don’t hesitate to reach out. We’re here to help you navigate these evolving market conditions. Contact Troy Stavros with CornerStone Realty Associates at 865-999-0925 today.