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:
- Home Sales: Slightly down by 2.1% compared to September 2023
- Pending Sales: Nearly flat with a 0.9% increase year-over-year
- Inventory: Significantly up by 41.3%, offering more options for buyers
- Median Sales Price: Increased by 12.25% to $410,000
- Average Sold Price per Square Foot: $222
- 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!
