The Knoxville real estate market is continuing along on a steady pace, while other parts of the country continue to slow.
August data shows that the average sales price of homes in Knoxville increased 3.49% from one year ago to $189,916, with a year to date improvement of 4.53%. What does this mean? Home prices are still trending in a positive direction.
Average days on the market of Knoxville homes for sale saw a small improvement over last month as it dropped to 99 days from 102.
Inventory levels are down in all price points under $300,000 compared to this time last year, with total inventory of active listings down 6.8% overall. Homes under $120,000 have seen the biggest drop in inventory.
The price point showing the largest improvement by far, are homes above $400,000 and especially above $500,000. Homes over $500,000 have seen a 32.1% increase in sales over this time last year (homes between $400,000-$499,999 saw a 9.7% increase).
Year to date existing home sales are nearly the same as last year (down only 10 homes), but August sales are down 7.7% from 2013 most likely due to constrained inventory.
Have more questions about the Knoxville real estate market or buying or selling a home in Knoxville? Don’t hesitate to contact me, Troy Stavros with Gables & Gates, REALTORS, today!
