865 Real Estate

East Tennessee Real Estate & Neighborhood Source

East Tennessee and Knoxville Real Estate Market Report: JUNE 2024

By

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

By

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

By

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

By

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

By

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.

Current Trends in the Knoxville Housing Market: An April 29th 2024 “How’s The Market?” Update

By

The Knoxville housing market is showcasing a range of dynamic changes as we move deeper into the spring of 2024. This latest update from Troy Stavros of Cornerstone Realty Associates provides a comprehensive overview of the current market trends that are shaping the local real estate landscape.

Positive Trends in Knoxville Median Home Prices and Sales Velocity

As of late April 2024, the median listing price in Knoxville continues to trend upwards, a positive signal for sellers who are seeing their property values increase. This rise in median prices, observed from April 19th to 26th, indicates a robust demand in the market. Additionally, the median days on the market are decreasing, further evidencing that properties are selling faster and that buyer interest remains high.

Price Reductions and Inventory Changes in Knoxville

Despite the positive direction in median prices, the market has experienced a significant percentage of active homes undergoing price reductions—41.28% as of the last recorded week. However, this is a decrease from earlier in the year, suggesting a gradual stabilization. Moreover, inventory levels are on the rise, typical for this time of year, providing more options for buyers and balancing the scales slightly less in the seller’s favor.

Knoxville Market Action Index: A Seller’s Market

The Market Action Index (MAI), which indicates whether the market favors buyers or sellers, remains firmly in the ‘seller’s market’ territory with a score of 56. This index uses 30 as a breakeven point between a buyer’s and seller’s market, underscoring the strong position for sellers despite a slight softening due to rising interest rates.

Impact of Interest Rates in the Knoxville Market

Interest rates have climbed from 7% at the beginning of April to 7.43% by the end of the month, influencing buyer affordability and the overall market dynamics. Higher rates typically soften demand as borrowing costs increase, yet the Knoxville market continues to absorb available inventory efficiently.

A Closer Look at Knoxville Market Segments

The Knoxville market is segmented by price points, each showing different dynamics:

  • The lowest segment ($299,900 median price) is particularly vibrant, with properties moving quickly—more homes were absorbed than listed last week, with an average of 28 days on the market.
  • The mid-range segment ($420,000 median price) also shows strong activity, with the fastest sales happening at an average of 21 days on the market.
  • Higher-priced segments ($590,000 and $900,000) have slower absorption rates but are still performing well, indicating sustained interest across all market tiers.

Conclusion

Overall, the Knoxville housing market remains active and largely favorable for sellers, with adequate demand to match the rising inventory. Buyers, while facing higher interest rates, can benefit from the increased choices available. As the market continues to evolve, both buyers and sellers should stay informed of the weekly changes to make strategic decisions.

For more personalized advice or specific inquiries about your property or neighborhood, contacting a local real estate expert like Troy Stavros can provide tailored insights and guidance. Stay tuned to the market and ensure your real estate decisions are well-informed in this fluctuating landscape.

Charming Modern Farmhouse in Prime West Knoxville Location – 209 Wakefield Road, Knoxville, TN 37922

By

Discover the perfect blend of comfort and convenience in this beautifully updated basement rancher, ideally situated in the heart of West Knoxville. Offering easy access to popular shopping destinations, trendy coffee shops, and dining options including Costco and a range of eateries at Turkey Creek, your new home is also a commuter’s delight with swift entry to I-40 and Pelissippi Parkway.

Set on a spacious 1/2 acre lot adorned with mature trees that provide both shade and privacy, this property allows you to enjoy the great outdoors in your own backyard. The absence of an HOA brings the added advantage of no restrictions, offering you the freedom to personalize your space as you see fit.

This stunning property features three spacious bedrooms and two fully updated bathrooms on the main level. Each bathroom is meticulously designed with custom vanities and tiles, and the owner’s suite boasts a luxurious walk-in shower with a sleek glass door. The heart of the home is the kitchen, which has been completely transformed to include quartz countertops, stylish subway tile backsplash, a portable island, and top-of-the-line stainless steel appliances. A large window above the sink offers a serene view of the lush backyard, enhancing the overall cooking experience.

The full finished walk-out basement is a versatile retreat that includes a fabulous bonus room suitable for an office, an expansive entertainment area/rec room, a full bathroom, a convenient laundry room, and a generous storage space. The modern farmhouse aesthetic flows throughout the home, accented by designer finishes that evoke a sense of sophisticated comfort.

Externally, the property does not disappoint with a large carport plus an additional paved parking area, ensuring ample space for vehicles and guest parking. The home’s facade is beautifully framed by mature trees and well-manicured landscaping, offering both privacy and an inviting curb appeal.

Zoned for the highly-regarded Farragut Elementary and Hardin Valley Academy, this home does not only promise a prestigious lifestyle but also access to excellent educational opportunities.

Set on a picturesque tree-lined street off Kingston Pike, 209 Wakefield Road is more than a house—it’s your next dream home, where every detail ensures a lifestyle of unparalleled convenience and luxury.

Take the Next Step Towards Your Dream Home!

For more information about this exquisite property or assistance with buying or selling real estate in Knoxville, TN, don’t hesitate to reach out. Contact Troy Stavros at CornerStone Realty Associates at 865-999-0925 today, and take the first step towards making 209 Wakefield Road your new home. Troy’s expertise and local knowledge ensure you’ll receive top-notch guidance throughout your real estate journey. Call now to schedule your viewing or to discuss your real estate needs!

Unveiling the Spring 2024 Real Estate Trends in East Tennessee and Knoxville: MARCH UPDATE

By

As we transition into the vibrant spring season, both the East Tennessee and Knoxville real estate markets are showing dynamic shifts that could influence your decision to buy or sell property. In this blog post, we’ll delve into the latest market statistics from March 2024, offering insights for homeowners, buyers, and sellers in these areas.

Market Overview: East Tennessee

The East Tennessee real estate market has experienced a significant transformation compared to March of last year:

  • Home Sales: Home sales have slightly declined by 10.3%.
  • Pending Sales: On a positive note, pending sales have increased by 8.2%.
  • Inventory Growth: There is a noticeable 31.4% rise in home inventory, indicating more options for buyers.
  • New Listings: New listings are up by 7.3%.
  • Median Sales Price: The median sales price has increased by 8.36% to $350,000, reflecting continued demand.
  • Price Per Square Foot: The average sold price per square foot now stands at $209.

These trends suggest a robust market, with a healthy balance between rising inventory and strong demand, hinting at a favorable environment for buyers looking to invest and homeowners considering selling.

Knoxville’s Real Estate Dynamics

Knoxville’s market dynamics are slightly different, with subtle yet positive changes:

  • Home Sales: Home sales have marginally increased by 1%.
  • Pending Sales: There is a stronger growth in pending sales at 8.8%.
  • Inventory Availability: A significant 30.3% increase in inventory suggests a shift towards more buyer options.
  • Median Sales Price: The median sales price in Knoxville has risen by 8.48% to $385,000.
  • Price Per Square Foot: The price per square foot has increased to $214.

Despite more homes being available, the market remains competitive, especially for properties in desirable locations or in top condition, which often receive multiple offers.

What This Means for You

  • Buyers: The increase in inventory and variety of price points from $250,000 to $400,000 offers multiple options. It’s essential to engage with a knowledgeable realtor who can navigate you through competitive offers and help secure your ideal home.
  • Sellers: With prices continuing to rise and a competitive market, now might be an optimal time to consider listing your property. Preparing your home for sale and pricing it correctly are crucial steps to attract serious buyers quickly.

Conclusion

As we look ahead, both East Tennessee and Knoxville are poised for continued growth. The trends indicate a strong market with opportunities for both buyers and sellers. Whether you’re looking to buy your first home, invest in properties, or sell your current home, understanding these market dynamics can significantly influence your decisions and strategies.

Ready to Take the Next Step? Contact Troy Stavros Today!

If you’re considering buying or selling in the East Tennessee or Knoxville areas, or if you just have questions about the local real estate market, don’t hesitate to reach out. Troy Stavros and the team at CornerStone Realty Associates are here to help you navigate the real estate landscape with expert advice and unparalleled service. Call us today at 865-999-0925 to discuss your real estate needs and how we can assist you in achieving your property goals. Let’s make your real estate dreams a reality!

Rates Jump To Highest % in 2024: Understanding Recent Movements in Mortgage Rates

By

As we moved through 2023, mortgage rates saw several notable increases, often spiking by approximately half a percent within short periods spanning one to three weeks. After a significant upward adjustment in November, similar shifts were largely absent from the landscape—until recently.

An anomaly occurred in early February, characterized by a rapid decline in rates, which was promptly corrected. However, last week marked a return to brisk increases in mortgage rates, driven by a series of economic data releases.

The sequence began with a robust jobs report on April 5th, which initially pushed rates higher. The situation escalated with last Wednesday’s release of inflation data, which added to the concerns. Today’s Retail Sales report served as the final component of this trio of challenging economic news.

While Retail Sales figures typically indicate healthy economic activity and are generally viewed as a positive sign, they can have a contrary effect on mortgage rates. In the current economic climate, robust growth figures can be detrimental to mortgage rates. The market is currently on the lookout for solid evidence that the Federal Reserve’s strict monetary policies are effectively slowing economic growth. In simpler terms, the recent data does not suggest that Federal Reserve rate cuts are on the horizon. This mismatch has also had a direct and immediate negative impact on the broader bond market, particularly affecting those bonds that most directly influence mortgage rates.

Consequently, mortgage rates have escalated once again, with the average lender now quoting rates in the mid-7% range for a top-tier, conventional 30-year fixed mortgage. This trend underscores the direct correlation between economic performance indicators and mortgage rate fluctuations, reminding borrowers and investors alike of the volatile nature of financial markets.

Debunking the Foreclosure Crisis Myth: Knoxville & East Tennessee Real Estate Forecast 2024

By

In the dynamic world of real estate, the Knoxville and East Tennessee markets stand out for their resilience and the opportunities they present to buyers and sellers alike. With a history that saw the turbulence of the Great Recession and the unprecedented challenges of the pandemic, understanding foreclosure trends becomes pivotal for those navigating this landscape. This blog post delves into the foreclosure dynamics, debunking myths and highlighting why the Knoxville and East Tennessee real estate markets are ripe with opportunity in 2024.

The Foreclosure Landscape: Then and Now

The shadow of the Great Recession loomed large over the U.S. real estate market, with nearly 3 million homes entering foreclosure in 2010. Fast forward to today, and the picture is drastically different. Recent data shows a significant decrease in foreclosure filings, with about 357,000 recorded last year—a testament to the market’s recovery and stability. This trend is especially relevant for Knoxville and East Tennessee, where the real estate market has shown exceptional resilience.

Rick Sharga, a prominent figure in real estate analytics, notes that “Foreclosure activity is still only at about 60% of pre-pandemic levels.” This statement is a beacon of hope for potential buyers and sellers in the region, signaling a stable market environment.

The Pandemic Response: A Silver Lining

The introduction of foreclosure moratoriums and forbearance programs during the pandemic was a crucial intervention, providing homeowners with the breathing room needed to navigate the crisis. As these programs concluded, a modest increase in foreclosures was anticipated. However, this uptick does not herald a new crisis. On the contrary, it underscores the strength and resilience of the Knoxville and East Tennessee markets.

One key factor differentiating today’s market from past downturns is the substantial equity homeowners currently enjoy. This equity buffer offers homeowners facing financial challenges a lifeline, enabling them to sell their properties and avoid foreclosure—a stark contrast to the 2008 scenario.

Current Foreclosure Metrics: A Closer Look

Delving into the latest foreclosure metrics reveals a continuing trend of decline in active foreclosure inventory, foreclosure sales, and foreclosure starts. This data not only challenges the narrative of a looming foreclosure crisis but also underscores the stability and health of the Knoxville and East Tennessee real estate markets.

The Reality Behind the Headlines

Sensationalist headlines may capture attention, but a deeper analysis reveals a more nuanced reality. The Knoxville and East Tennessee markets are not facing a foreclosure crisis. Instead, they offer a stable environment for both buyers and sellers, marked by opportunities and a sense of security.

Bottom Line: Knoxville and East Tennessee Real Estate in 2024

For those looking to buy or sell in Knoxville and East Tennessee, the message is clear: the market is robust, with no foreclosure crisis on the horizon. This is a prime time for real estate transactions in the region, supported by a solid market foundation and favorable conditions for both buyers and sellers.

Contact Troy Stavros at CornerStone Realty Associates

Embarking on your real estate journey in Knoxville and East Tennessee? Ensure you’re equipped with the best insights and guidance. Contact Troy Stavros at CornerStone Realty Associates at 865-999-0925. With expert knowledge and a deep understanding of the local market, Troy Stavros is your go-to resource for navigating the real estate landscape with confidence.

February 2024 Farragut, TN Real Estate Market Update: Expert Insights for Buyers & Sellers

By

CLICK HERE TO SEE ALL HOMES FOR SALE IN FARRAGUT, TENNESSEE

The Farragut, Tennessee, real estate market has presented a mixed bag of trends as of February 2024, offering unique opportunities and challenges for both buyers and sellers. Troy Stavros from Cornerstone Realty Associates brings us an in-depth analysis of the market dynamics, revealing essential insights that can guide your real estate decisions in this picturesque locale.

Farragut Home Sales and Prices on the Rise

Despite a slight 3.8% decrease in home sales compared to last year, the Farragut market has shown signs of heating up with a 33.3% increase in pending sales. This indicates a growing interest among buyers as we edge closer to the spring selling season. Notably, the median sales price has surged by 33.81% to $679,150, accompanied by an average sold price per square foot of $238. This upward trend in pricing is reflective of a strong demand, underscored by the significantly low inventory levels with an absorption rate of 1.85 months.

Inventory and Listings

A Seller’s Advantage The inventory of homes has seen a 22.2% increase, coupled with a 30.6% rise in new listings. This expanded inventory, while still low, presents a favorable scenario for sellers, offering them leverage due to the persistent demand. The market remains in a slight seller’s domain with the market action index at 42, signaling that prices are continuing to climb.

What’s Selling in Farragut?

The diversity in the Farragut market is evident from the sales distribution across various price ranges. The most sales were recorded in the $400,000 to $450,000 and $750,000 to $800,000 brackets, each with four sales. Pending sales were notably active in the $450,000 to $500,000, $350,000 to $400,000, and $650,000 to $700,000 price ranges. The highest inventory available falls in the $650,000 to $700,000 range, with 12 homes for sale, indicating a broader selection for buyers in this segment.

Insights for Buyers in Farragut

For buyers, the current market conditions suggest a competitive landscape, especially in the lower price segments, which are moving quickly with the lowest days on the market. With median days on market at 42 days, down from 77 at the beginning of February, buyers must act swiftly to secure properties in this fast-paced market. The varied inventory and new listings across different price points offer opportunities for buyers to find homes that meet their preferences and budget.

Tips for Sellers in Farragut

Sellers in Farragut are in a favorable position, thanks to the low inventory and high demand, especially in the lower price segments. To capitalize on this market, sellers should consider pricing their homes competitively, particularly if they are in the high-demand price ranges. Highlighting the unique features and value of their properties can also attract more buyers, especially as the market action index suggests a slight seller’s market.

Conclusion

The Farragut, Tennessee, real estate market is vibrant and evolving, with significant opportunities for both buyers and sellers. Whether you’re looking to purchase your dream home or sell your property at a premium, understanding the current market trends and dynamics is crucial. For personalized advice and the latest market updates, consider reaching out to a local real estate expert like Troy Stavros at Cornerstone Realty Associates. Call or text Troy at 865-999-0925.

CLICK HERE FOR ACCESS TO MY WEEKLY FARRAGUT MARKET REPORT. (Never miss a beat, search for ANY city and/or zip of interest, and click “Subscribe” to receive an update each week.)

Remember, whether buying or selling, staying informed about the latest market trends in Farragut is key to making well-informed real estate decisions. For more insights and updates, keep an eye on the market and consult with professionals who can guide you through the intricacies of the Farragut real estate landscape.

Tellico Village Real Estate Market Update: Trends and Insights for February 2024

By

CLICK HERE TO SEE ALL TELLICO VILLAGE HOMES FOR SALE

As your local real estate experts at Cornerstone Realty Associates in Knoxville, we’re thrilled to bring you the latest insights into the Tellico Village housing market as of February 2024. Whether you’re considering buying a dream home in this vibrant community or selling your property, understanding the current market trends is crucial. Let’s dive into the latest data and see what it means for you.

Rising Home Sales and Pending Sales in Tellico Village

In an encouraging sign for the Tellico Village real estate market, home sales have risen by 4.8% year-over-year, with 22 homes sold in February 2024. Pending sales also show a healthy uptick of 6.9%, totaling 31 pending sales for the month. These increases suggest a growing demand for homes in this beautiful lakeside community.

Inventory and New Listings in Tellico Village

Currently, the inventory of available homes in Tellico Village has decreased by 19.5% compared to last year, with only 70 homes on the market. However, new listings have slightly increased by 3%, reaching 34 new listings in February. This decrease in inventory alongside an increase in new listings indicates a competitive market, where buyers and sellers must act swiftly.

Median Sales Price and Market Demand in Tellico Village

The median sales price in Tellico Village has seen a significant increase of 14.57%, now at $630,000. This rise, along with an average sold price per square foot of $278, reflects the high demand and value of homes in the area. The absorption rate, which measures how quickly homes are sold, has decreased from 2.69 months to 2.38 months of inventory, further signaling a strong demand.

Seasonal Trends and Price Points in Tellico Village

As we move into spring, traditionally a period of increased activity in the real estate market, we anticipate further interest in Tellico Village properties. Despite the current low inventory, the sustained demand keeps the market dynamic. Interestingly, the $600,000 to $650,000 price range has emerged as particularly active, leading in sales, pending contracts, and new listings.

Conclusion

Tellico Village continues to be a sought-after location for homeowners seeking a blend of luxury, comfort, and community. With home prices closely aligning with listing prices and a bustling market in the $600,000 to $650,000 range, now is an opportune time to consider your next move in real estate, whether buying or selling.

CLICK HERE FOR ACCESS TO MY WEEKLY HOUSING MARKET REPORT ON LOUDON, TN (Never miss a beat, search for ANY city and/or zip of interest, and click “Subscribe” to receive an update each week.)

For personalized advice and assistance in navigating the Tellico Village real estate market, reach out to me, Troy Stavros at Cornerstone Realty Associates at 865-999-0925. I’m here to help make your real estate journey in Tellico Village as smooth and successful as possible.