Here are the Knoxville TN real estate market stats through April. The highlighted stats are:
- Median sold price of Knoxville homes in April = $150,000
- Median list price of Knoxville homes in April = $179,900
- Median days on the Market for Knoxville homes = 61 days
- Homes sold in Knoxville in April = 1181
- Homes listed in Knoxville in April = 3024
- Absorption Rate in April for Knoxville = 8.95 months
- Year to Date Knoxville home sales are up 6.9% through April compared to last year.
- Year to Date Knoxville home prices are up 8.86% through April compared to last year.
Here are the Farragut TN real estate market stats for April:
- Median sold price of Farragut homes in April = $268,000
- Median list price of Farragut homes in April = $419,000
- Median days on the market for Farragut homes in April= 19 days
- Homes sold in Farragut in April = 47
- Homes listed in Farragut in April = 70
- Absorption Rate in April for Farragut = 4.05 months
- Year to Date Farragut home sales are up 17.4% through April compared to last year.
- Year to Date Farragut home prices are up 3.56% through April compared to last year.
What does this mean for you?
The Knoxville and Farragut TN real estate markets are humming along and now in full swing as we enter the Spring selling season. Home sales and home prices in both Farragut and Knoxville keep trending upward, and while inventory levels in Knoxville as a whole have bumped up a few percentage points, Farragut is still struggling with a low supply of homes for sale (decreasing to only a 4.05 month supply when a healthy market is 6 months).
For Sellers
Homeowners considering selling a home in Farragut or Knoxville should know that there is no better time to be on the market then right now. Between the seller’s market being created by the low inventory situation and the fact that we are entering the highest demand time of the year for buyers (May, June, July, August), if you are thinking of selling, do it now! Watch my recent video here explaining this in more detail. Also sellers become buyers so read below for more important information.
For Buyers
Yes, the low inventory situation can make it a bit harder to find a home, and competition may be fierce, but now is the time to buy. Why? Recent reports have shown us that both prices and mortgage rates are on the rise. These two factors will decrease your buying power, the longer you wait. If you find a home to buy now, you will be getting more for your money than if you wait. Watch my recent video that explains this in more detail here.
Have questions about the market or anything Knoxville or Farragut TN real estate related? Want to sit down over a cup of coffee and discuss? Contact me, Troy Stavros with Gables & Gates, REALTORS and I’d be happy to get together with you and answer any questions you might have. I look forward to serving you! If you are interested in a free, no obligation analysis of how much your Knoxville or Farragut TN home is worth CLICK HERE.
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