According to CoreLogic’s latest housing report, national home prices made double-digit gains in 2013, increasing with the highest annual rate since 2005. While the Knoxville housing market didn’t see as dramatic an increase on average, we did move in the right direction with an overall 5% increase in the median sales price.
CoreLogic’s chief economist stated, “We expect the rising prices to attract more sellers, unlocking this pent-up supply, which will have a moderating effect on prices in 2014.” I am hoping that the part about unlocking pent-up supply holds true, as we are still struggling with lower inventory levels here in Knoxville, with many buyers sitting on the sidelines waiting for houses to pop on the market.
The report showed that nationally, the median sales price for all of 2013 was $197,100, 11.5 percent above the 2012 median price. In Knoxville the median home price came in at $144,900. This goes right along with what we’ve known all along, which is that the Knoxville housing market is quite affordable compared to other parts of the country.
Let’s compare some 2012 to 2013 numbers for the Knoxville housing market:
- Home Sales UP 15%
- Inventory UP 3%
- Average Sales Price UP 5%
- Dollar Volume Sold UP 18%
All signs are currently showing that this momentum should carry over into 2014. If you are looking to buy or sell a home, contact me, Troy Stavros, today to discuss your real estate goals and how I can best serve you.