The prices at which sellers of Knoxville real estate are listing their homes is rising quickly. The year over year increase in the median list price of homes in Knoxville as evidenced by my research is 9.38%. However the telling factor is that the median increase that has been witnessed in the last month (between March and April) was 2.1%. That a pretty big jump for just one month.
Nationally, list prices rose just 0.8% month-over-month and increased 9.0% year-over-year, the smallest gain in 11 months according to an analysis of data from Trulia’s Price Monitor and Rent Monitor.
The combination of a slow year over year increase both locally and nationally and a big month to month jump locally tells me that the Knoxville market is heating up fast. If we look outside these numbers we can see further evidence of this. For example, the last 4 homes I have listed in differing price points ($180,000, $350,000, $400,000, and $500,000) all went under contract with an average of 11.25 days.
Knoxville real estate inventory is still low which is adding fuel to the fire of rising prices. Prices rise when demand is high and supply is low. So if you are thinking about selling your home in Knoxville, now is the time! If you are thinking about buying a home in Knoxville keep in mind that you will have plenty of competition, so make sure you are utilizing the guidance of an agent that can help navigate what could be a turbulent ride. Within the last month I’ve assisted three different buyers in multiple offer situations and I am happy to say that two out of the three were able to secure the home (2 out of the 3 also took my advice 🙂
If you are looking to buy or sell in the Knoxville real estate market contact me, Troy Stavros with Gables & Gates, REALTORS to discuss your goals and formulate a game plan. Talk with you soon!