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July 15, 2024 Monday Market Minute – Knoxville Real Estate and Housing Market Data

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As the real estate landscape in Knoxville, Tennessee, continues to evolve, staying informed about the latest market trends is crucial for both buyers and sellers. Let’s delve into the current state of the Knoxville real estate market, based on the latest data and insights provided by Troy Stavros from Cornerstone Realty Associates.

Market Overview: Demand Outpaces Supply

The Market Action Index (MAI) in Knoxville indicates a robust seller’s market. Last week, the MAI climbed from 44.82 to 50.54, signaling increasing demand compared to supply. This trend emphasizes that sellers have the upper hand, and buyers might face stiffer competition to secure their desired properties.

Inventory Trends: A Slight Dip

Inventory levels experienced a slight decrease, dropping from 805 active listings to 792. This reduction might be a residual effect of the July 4th holiday, but it also hints at a potential peak in inventory for the year. Fewer new listings have been added, with a noticeable decline from 153 new listings to 125 in just a week. This decrease in new listings further tightens the market, reinforcing the seller’s advantage.

Price Dynamics: Stability with Upward Pressure

Despite the fluctuations in inventory, the median list price of active homes has remained relatively steady, slightly below the levels seen in 2023. However, the median new list price for recent listings has surpassed last year’s figures, indicating that new properties entering the market are priced higher than before. This trend suggests continued upward pressure on home prices due to constrained supply and sustained demand.

Price Adjustments: Consistent Reductions

Price reductions have remained steady, with 46% of homes currently on the market experiencing price drops. This consistency over the past few weeks suggests that while sellers are pricing their homes higher initially, there is still room for negotiation, offering potential opportunities for astute buyers.

Segment Analysis: Diverse Market Activity

Breaking down the market into segments provides a clearer picture of demand across different price ranges:

  • Lowest Segment ($299,900 and below): This segment saw 45 new listings and 46 homes absorbed, with active listings spending an average of 28 days on the market.
  • Mid-Low Segment ($416,030): Here, 28 new listings were recorded, with 33 homes being absorbed and an average market time of 28 days.
  • Mid-High Segment ($567,000): This range had 21 new listings and 32 absorptions, with active listings spending 35 days on the market.
  • Highest Segment ($934,450): The top-tier segment saw 31 new listings and 28 absorptions, with the longest market time of 40 days among all segments.

Despite the prevailing seller’s market, the most expensive properties in Knoxville ($934,450) are experiencing the longest days on market (DOM). This suggests a potential opportunity for high-end buyers to negotiate better deals, even as the rest of the market remains fiercely competitive.

Conclusion

Whether you’re looking to buy or sell a home in Knoxville, staying informed about the latest market trends is essential. With demand outpacing supply, inventory levels fluctuating, and prices holding steady, it’s a dynamic market that requires strategic planning and informed decision-making. For personalized advice and insights, don’t hesitate to reach out to Troy Stavros at Cornerstone Realty Associates.

East Tennessee and Knoxville Real Estate Market Report: JUNE 2024

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As the summer heats up, so does the real estate market in East Tennessee and Knoxville. With data gathered through the end of June, we have a comprehensive look at the current trends and what buyers and sellers can expect in the coming months.

East Tennessee Market Overview

Home Sales and Inventory

  • Home Sales: Down 12.5% compared to June 2023.
  • Pending Sales: Up 4.8%.
  • Inventory: Up 40% from last year.
  • New Listings: Increased by 1%.
  • Median Sales Price: Up 8.01%, now at $376,500.
  • Average Price Per Square Foot: $221.

The absorption rate has seen a slight increase to 3.3 months of inventory, indicating a still strong seller’s market. Despite a rise in inventory, prices continue to climb due to sustained demand.

Knoxville Market Dynamics

Sales and Pricing Trends

  • Home Sales: Down 8.4% from last year.
  • Pending Sales: Up 1.3%.
  • Inventory: Up 53.5%.
  • New Listings: Nearly unchanged, down just 0.3%.
  • Median Sales Price: Increased by 3%, now at $408,150.
  • Average Price Per Square Foot: $220.

The absorption rate in Knoxville stands at 1.84 months, still favoring sellers. The Knoxville Market Action Index shows a strong seller’s market, with the city experiencing one of the highest price shifts in the nation since the peak in 2022.

Did you know that Knoxville experienced the largest price increase among the 200 largest metro housing markets in the US since March 2020, with a staggering 73% rise? This unexpected surge highlights Knoxville as a unique hotspot in the national real estate landscape.

Surrounding Counties Snapshot

  • Roane County: Inventory up 70.5%, median price up 19.3% to $340,000.
  • Knox County: Inventory up 56.3%, median price up 2.41% to $399,900.
  • Anderson County: Inventory up 43.8%, median price up 10.34% to $320,000.
  • Loudon County: Inventory up 63%, median price up 4.10% to $510,000.
  • Sevier County: Inventory up 47.5%, median price up 5.52% to $525,750.
  • Blount County: Inventory up 55.4%, median price up 8.84% to $413,500.

Interest Rates and Market Impact

The recent drop in interest rates from over 7% to 6.85% is a significant development. This reduction could stimulate market activity, making it more affordable for buyers and potentially encouraging sellers to list their homes.

Homeowners Insurance Rates

Rising insurance rates are another factor affecting affordability. Tennessee saw an 11% increase in homeowners insurance in 2023, impacting the overall cost of homeownership.

Conclusion

The East Tennessee and Knoxville real estate markets are robust despite fluctuating trends. With rising inventory and stable prices, it’s a promising time for buyers and sellers alike. If you’re considering buying or selling in the area, now is a great time to act.

Contact Us If you have any questions or need assistance with your real estate needs, contact Troy Stavros at Cornerstone Realty Associates in Knoxville. We’re here to help you navigate the market and achieve your real estate goals.

East Tennessee and Knoxville Housing Market Trends: A Comprehensive May 2024 Analysis

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Are you looking to buy or sell real estate in East Tennessee or Knoxville? Understanding the latest market trends can help you make informed decisions. Here’s a detailed look at the current state of the housing market in these regions as of May 2024.

East Tennessee Market Overview

Home Sales and Inventory:

  • Home sales decreased by 1% compared to last year, marking a shift in the market.
  • However, pending sales rose by 10.1%, indicating strong buyer interest.
  • Inventory surged by 42.8%, providing more options for buyers.

Prices and Absorption Rates:

  • The median sales price increased by 8.96%, reaching $365,000.
  • The average price per square foot stands at $221.
  • The absorption rate climbed to 3.14 months, suggesting a balanced market with increased inventory and slightly reduced demand due to high interest rates.

Key Trends:

  • The most active price range for sales was $300,000 to $350,000.
  • The $350,000 to $400,000 range saw the most new listings and pending sales.
  • Days on market are decreasing, reflecting quicker sales.

Knoxville Market Insights

Sales and Inventory:

  • Home sales in Knoxville rose by 7.8% from last year.
  • Inventory increased by a substantial 55.1%, offering more choices for buyers.
  • New listings were up by 12.2%, further expanding the market.

Pricing Dynamics:

  • The median sales price saw a modest rise of 2.04%, reaching $397,950.
  • The average price per square foot is $227.
  • The absorption rate increased to 1.64 months, still indicating a seller’s market.

Significant Segments:

  • The $300,000 to $350,000 price point had the highest number of sales.
  • The $350,000 to $400,000 range dominated pending sales and new listings.
  • The market remains competitive, especially in the lower to mid-range price segments.

County-by-County Breakdown

Roane County:

  • Inventory up by 92.7%, pending sales stable.
  • Median sales price up by 11.67%, at $334,900.

Knox County:

  • Inventory up by 58.6%, pending sales up by 8.3%.
  • Median sales price up by 1.56%, at $389,450.

Anderson County:

  • Inventory up by 55.8%, pending sales up by 2.4%.
  • Median sales price up by 13.98%, at $318,000.

Loudon County:

  • Inventory up by 46%, pending sales down by 6.9%.
  • Median sales price up by 15.26%, at $532,500.

Sevier County:

  • Inventory up by 36.38%, pending sales down by 12.07%.
  • Median sales price up by 8.9%, at $590,000.

Blount County:

  • Inventory up by 61%, pending sales up by 11.2%.
  • Median sales price down by 5.07%, at $370,000.

Market Action and Affordability

The market action index has been trending down, indicating more supply and slightly reduced demand due to higher interest rates. Despite this, the market remains a seller’s market, especially in Knoxville where inventory is still below pre-pandemic levels.

Affordability Challenges:

  • High mortgage rates (over 7%) are affecting affordability.
  • Only 15% of homes are affordable for those earning the median household income of $62,911.
  • Interest rates’ movements will significantly impact market dynamics.

Future Outlook:

  • Low mortgage rates are unlikely in 2024 due to inflation.
  • Significant drops in home prices are not expected in the near term.
  • Lot availability and new construction remain challenges, contributing to higher home prices.

Conclusion

Whether you’re buying or selling, understanding these market trends is crucial. More inventory means more choices for buyers, while still low overall inventory keeps the market favorable for sellers. Stay informed, consult with your real estate agent, and keep an eye on interest rates to make the best decisions in the current East Tennessee and Knoxville housing markets.

For personalized advice and insights, don’t hesitate to reach out to Troy Stavros with Cornerstone Realty Associates. Happy house hunting!

Luxurious Custom Oasis in Farragut, Tennessee – Home for sale at 11808 Corto Lane, Knoxville, TN

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Experience Unmatched Privacy and Elegance in Farragut

Nestled on over an acre of pristine land in the heart of Farragut, Tennessee, this gated, custom-built luxury home offers an unparalleled living experience. It’s an oasis of tranquility amidst the bustling town, combining privacy with the convenience of nearby amenities. Best of all, this home is not in a subdivision, so there are no HOA fees or restrictions.

Exquisite Primary Suite and Bedrooms

The main floor features a stunning primary suite, complete with a magnificent, bright, and classy tiled bath. This sanctuary boasts a custom-tiled wet room, an oversized bathtub, and a show-stopping shower. With custom cabinetry, large pantry storage, and quartz countertops, this bathroom is a true haven for self-care. The light and bright primary bedroom boasts a 10-foot ceiling, a shiplap feature wall, and a private patio. Two additional charming bedrooms on the main floor provide comfort and elegance.

Indoor-Outdoor Harmony

The statement 16-foot Pella sliding doors open to an expansive deck, featuring a custom Tennessee stone wood-burning fireplace. This seamless indoor-outdoor connection enhances entertaining and relaxation year-round. The Traeger grill smoker nook built into the back of the outdoor fireplace caters to all your grilling and smoking needs.

Elegant and Functional Home Office

The home office, adorned with custom cabinets and a quartzite countertop, provides a sophisticated and productive workspace. Custom statement black Pella windows and trimwork throughout the home add character and charm to every room.

Inviting Outdoor Spaces

Relax on the oversized front porch or enjoy the expansive yard, perfect for gardening and playing. The property is fully fenced with a power gate and includes a separate fenced area for a dog yard.

Luxury Finishes and Features

  • Luxury Vinyl Tile floors for durability and easy maintenance.
  • Electric fireplace in the living room for year-round ambiance.
  • Timeless white paint with warm custom cedar trim and knotty alder 8-foot doors.
  • 13-foot vaulted ceiling in the living room with v-groove paneling and custom cedar beams.

Gourmet Kitchen

The dream kitchen features Taj Mahal quartzite on the island, a custom tile backsplash covering an entire wall, and a 6-foot window overlooking the front yard. High-end appliances, including a Dacor six-burner gas cooktop and a custom vent hood, create a kitchen worth savoring. Additional conveniences include panel front appliances, a microwave drawer, and an abundance of custom cabinets.

Luxurious Bathrooms and Functional Pantry

The statement powder room is adorned with a fully tiled backsplash, custom cabinet, quartz counter, and elegant pendant lighting. The guest bathroom features a custom tiled walk-in shower and a beautiful vanity wall.

The dream pantry offers extensive storage with custom cabinets, pull-out shelves, a drop zone quartz counter, and a tiled backsplash. The adjacent laundry room includes an oversized stainless steel sink, open shelves, and space for an extra refrigerator.

Flexible Living Spaces and Ample Storage

Above the garage, a versatile bonus room awaits, offering endless possibilities for additional living space. The home also includes an extra-large storage room, perfect for organizing seasonal decorations and other items.

Garage and Workshop Excellence

This home features an oversized attached two-car garage with custom storage and a workshop, perfect for all your projects and storage needs. Additionally, an oversized auxiliary three-car garage provides ample space for vehicles and additional storage. This auxiliary garage is larger than what is now allowed in Farragut but was grandfathered in as it was existing on the property when the home was custom-built in 2020.

Uncompromising Attention to Detail in Farragut

The attention to detail in this home is astonishing. No expense was spared when the owners custom-built this property, ensuring every element reflects luxury and quality.

Additional Features

  • Superior wall precast crawl space with a concrete floor.
  • High-energy efficient spray foam walls and roof.
  • Modern electrical system with arc fault breakers.
  • Seasonal and travel-friendly hose bib shut-offs.
  • Water softener and underground sprinkler system.
  • Hardy board siding and metal roof.
  • Stained 8-foot doors and high-end cabinets (Mouser & Showplace).

This extraordinary custom home in Farragut, Tennessee, offers luxury, privacy, and unparalleled living spaces. Don’t miss the chance to make this exceptional property your new home.

For more information, to schedule a private showing, or for assistance with buying or selling a home in Farragut or anywhere in East Tennessee, contact Troy Stavros with CornerStone Realty Associates at 865-999-0925.

Luxurious Modern Living in Tellico Village – Home for sale at 134 Kawga Way, Loudon, TN 37774

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Welcome to your dream home, built in 2022 and enhanced with over $50,000 in stunning landscaping. This better-than-new, single-level residence offers 3 bedrooms and 2 baths within an open floor plan designed for both comfort and elegance.

Step into the heart of the home: a chef’s kitchen boasting upgraded black stainless appliances, including double ovens, a gas cooktop, refrigerator, and dishwasher. The kitchen features exquisite leathered granite countertops and a large walk-in pantry, seamlessly flowing into a vaulted family room adorned with a stone fireplace.

The spacious owner’s suite is a true retreat, with a custom tile shower with a glass door, double sinks, and a large walk-in closet. Additional conveniences include a dedicated laundry room and a smart home package with a Nest Thermostat, Ring Doorbell, and Simplisafe alarm system.

Outdoor living is equally impressive, with a covered porch, paver patio, gas grill connected to a buried propane tank, and a cozy firepit for year-round enjoyment. The 3-car garage includes a workshop area and an extra parking pad in the front.

This home’s prime location offers walking access to shopping, churches, and restaurants, and it’s just minutes from recreation centers and the lake. Nestled in the vibrant Tellico Village, you’ll enjoy lifestyle amenities such as walking trails, a recreation center with an indoor pool, a wellness center with an outdoor pool, tennis courts, pickleball, a beach area, a marina, a yacht club, and much more!

Don’t miss the opportunity to make this exceptional property your own. Contact Troy Stavros with CornerStone Realty Associates at 865-999-0925 to schedule your private showing today and experience the best of modern living in Tellico Village!

April 2024 Housing Market Update: Insights into Knoxville & East Tennessee’s Real Estate Trends

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As we delve into the bustling spring housing market of 2024, Knoxville and the broader East Tennessee area are witnessing significant growth and opportunities for both buyers and sellers. The latest data showcases a dynamic market, marked by increases in home sales, inventory, and median prices, promising an exciting landscape for potential homebuyers and investors.

Rising Trends in Home Sales and Prices in East Tennessee

In East Tennessee, the housing market has seen a robust increase in home sales, up 14.6% compared to last year, with pending sales rising by 10.1%. The inventory of available homes has surged by 35%, providing more options for buyers, while the median sales price has grown by 9.61% to reach $353,450. Knoxville, specifically, mirrors this positive trend with home sales up 16% and median sales prices increasing by 5.48% to $385,000. This upward trajectory in both areas underscores a strong seller’s market, albeit with plenty of opportunities for buyers keen to enter the market.

Inventory and Market Dynamics in Knoxville

The increased inventory, up 36.4% in Knoxville, is a crucial factor for the market dynamics. Despite more homes being available, the absorption rate indicates that demand remains high, as homes continue to sell quickly, often close to their listing prices. The current absorption rate in Knoxville stands at about 1.49 months of inventory, signifying a seller’s market where demand outstrips supply.

East Tennessee Price Points and Buyer Activity

The $300,000 to $400,000 price range is particularly active, with the highest number of sales and new listings occurring within this bracket. This suggests that mid-range homes are the most sought after, likely due to their appeal to a broad segment of buyers, from first-time homeowners to more established purchasers looking to upgrade.

Regional Highlights and Variances

While the overall market is booming, regional variances provide deeper insights. For instance, Roane and Loudon Counties are experiencing notable increases in their median sales prices—18.18% and 16.18%, respectively. In contrast, Sevier County sees a slight downturn in pending sales by 17.01%, attributed mainly to a dip in investment property purchases due to higher interest rates affecting profitability.

Economic Factors Influencing the Housing Market

The housing market’s vibrancy can also be linked to broader economic indicators. Interest rates and the ‘lock-in effect’—where homeowners are disinclined to sell due to higher rates on new mortgages—are influencing buying and selling behaviors. Additionally, inflation rates, although slowed to 3.5% from a peak of 9%, continue to impact the purchasing power and investment decisions of individuals.

A Look Ahead

As we progress through 2024, monitoring shifts in inventory, median prices, and buyer-seller dynamics will be crucial for anyone engaged in the Knoxville and East Tennessee housing markets. For those considering entering the market, these insights provide a valuable gauge of when to buy or sell, ensuring decisions are well-informed and timely.

Conclusion

With a robust market characterized by growth in sales and an influx of new listings, Knoxville and East Tennessee present fertile ground for real estate activities. Whether you’re a first-time buyer, a seasoned investor, or somewhere in between, staying attuned to these market updates will guide you towards making optimal real estate decisions in this vibrant regional market.

For personalized advice and more detailed information about specific neighborhoods or property types in Knoxville and East Tennessee, don’t hesitate to reach out to Troy Stavros with Cornerstone Realty Associates. With years of expertise and a deep understanding of the local market, Troy is your go-to resource for all your real estate needs. Call today at 865-999-0925 to discuss how you can maximize your real estate opportunities in this dynamic market. Stay updated and make the most informed decisions with our monthly real estate market insights.