A recent report by the National Association of REALTORS showed that the current national housing market is underperforming by historical standards, but where does Knoxville real estate stand?
My research shows that in the four main categories (Sold Listings, Pending Listings, Active Listings, and New Listings), only one is showing positive signs here in the Knoxville real estate market. Evidenced by the graphs below, only “Pending Listings”, or homes currently under contract, is showing a gain over last year (up 15.5%). “Sold Listings” are down 8.6% from the same time last year, and the categories showing current Knoxville real estate inventory are down as well, with “Active Listings” down 8.1% and “New Listings” down 5.4%.
To get a better feel for how your individual price point is faring in Knoxville, dig a little deeper into the numbers below and you will see that there is a pretty wide variation between performance in differing price points. To get an idea of where your current home may fall CLICK HERE for an INSTANT, no hassle price evaluation.
Lawrence Yun, NAR’s chief economist said, “There really should be stronger levels of home sales given our population growth. In contrast, price growth is rising faster than historical norms because of inventory shortages.” Yun does expect improvement, however. “With ongoing job creation and some weather delayed shopping activity, home sales should pick up, especially if inventory continues to improve and mortgage interest rates rise only modestly.”
The national median existing-home price for all housing types in March was $198,500, up 7.9% from March 2013. Knoxville’s median existing home price was $140,000, up 4.19% from last year.
Because of the laws of supply and demand, lower year over year inventory levels will only lead to higher prices, so my advice to Knoxville home buyers would be to find a home that suits your needs and jump on it quickly before prices rise even higher. My advice to sellers would be to get your home on the market where it could possibly bring a premium in a low inventory environment.
To discuss your Knoxville real estate goals, whether it be buying or selling, contact me, Troy Stavros with Gables & Gates, REALTORS to schedule a time to sit down and formulate an action plan.