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East Tennessee Housing Market Report — July 2026

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Every East Tennessee Market Posted Gains in June — Here’s What the Data Says

The June 2026 numbers are in, and the story they tell might surprise you. Despite mortgage rates hovering near 7%, every single market I track across East Tennessee posted year-over-year closings gains last month. Farragut surged 52.5%. Anderson County climbed 24.7%. Even Sevier County — the region’s softest market — grew 21.3%.

Buyers have adapted. They’re making decisions based on need, life circumstances, and local value rather than waiting for a rate cut that, frankly, isn’t coming this year. But understanding what’s happening nationally is essential to understanding where our local markets are headed, so let’s start there.

What the June CPI Report Means for East Tennessee Home Buyers and Sellers

The June Consumer Price Index landed this week, and the headline number grabbed attention. CPI came in at 3.5% year over year, but the monthly reading of -0.4% on a seasonally adjusted basis marked the sharpest single-month decline since April 2020. Energy drove the drop — overall energy costs fell 5.7% month over month, and gasoline prices specifically declined 9.7%.

However, the number that matters most for the housing market told a different story. Core CPI, which strips out volatile food and energy prices, held steady at 2.6% year over year and was completely flat month over month. The sticky, services-driven inflation that the Federal Reserve watches most closely barely budged. That distinction is critical for anyone trying to time a home purchase around falling interest rates.

The Federal Reserve’s Message Is Clear: No Rate Cuts in 2026

Newly appointed Federal Reserve Chairman Kevin Warsh testified before Congress on the morning of the CPI release and left no room for ambiguity. He stated the committee has “no tolerance for persistently elevated inflation” and remains committed to the 2% target. He went further, saying policymakers “need to choose lower prices,” signaling the Fed will keep financial conditions tight as long as necessary.

The June CPI print did accomplish one thing: it effectively closed the door on a rate hike at the July 29th FOMC meeting. The CME FedWatch Tool now shows an 86% probability that the Fed holds rates steady, and the pressure from committee members who had been projected to support raising rates later this year has dissipated.

But no one expects rate cuts in 2026. The Fed wants to see sustained declines in core inflation before they’ll even consider easing. For buyers and sellers in East Tennessee, the takeaway is straightforward — rates near 7% are the operating reality, not a temporary condition. Planning around that reality is far more productive than waiting for it to change.

Oil Prices and the Strait of Hormuz: The Wildcard for Housing

The variable that could upend everything is oil. Brent crude surged nearly 10% in a single session after the United States reinstated a naval blockade of Iranian vessels and both nations escalated military actions near the Strait of Hormuz, one of the most critical shipping lanes in the world. As of mid-July, Brent is trading at $85.78 per barrel and continuing to climb.

This matters for East Tennessee real estate in 2 important ways. First, if oil sustains above $90 a barrel, gasoline prices reverse course and the CPI relief we just discussed evaporates. The rate-hike conversation comes back to the table. Second, higher oil prices directly increase construction costs through lumber transportation, material delivery, and equipment fuel, constraining new housing supply at exactly the time the region needs more of it. This is the exogenous variable every buyer and seller should be watching over the next 60 days.

Current Mortgage Rates and What to Expect Through Year End

The 30-year fixed mortgage rate sat at 6.64% on Friday, jumped to 6.72% on Monday, and settled at 6.70% on Tuesday. It was a modest move, but the trajectory is informative. Expect mortgage rates to trade in a band between 6.4% and 7.1% through the end of 2026. This is the environment we’re operating in, and the East Tennessee markets are proving they can perform within it.

Knox County Housing Market Update

Knox County remains the anchor market for the region. June closings rose 7.9% year over year, and year-to-date closings are tracking above 2025 levels. The median home price in Knox County is sitting in the low $400s and has been essentially flat year over year. This is a market where the constraint is inventory, not demand. Buyers are active and engaged, but sellers remain locked in by the rate gap between their current mortgage and what they’d pay on a new home.

Looking ahead, Knox County is on track to finish 2026 with total closings in the range of 7,800–8,200 units, representing a 5–10% increase over last year. Median prices should remain stable in the low $400K range. Any loosening in the lock-in effect, even modest, would unlock significant additional transaction volume. If you’re considering selling a home in Knox County, the demand is there — pricing it right is the key to capturing it.

Farragut Real Estate Market Update

Farragut is the most competitive market in East Tennessee right now, and the June data confirms it emphatically. Closings surged 52.5% year over year. The year-to-date absorption rate sits at just 2.44 months, firmly in strong seller’s market territory. Inventory is declining, and the combination of top-rated schools, premium amenities, and an unmatched lifestyle continues to drive outsized demand.

If current trends hold, expect the median home price in Farragut to push toward $800K by Q4. Buyers shopping for homes in Farragut should be prepared for multiple-offer scenarios on well-priced properties through the summer and into fall. This is not a market where a wait-and-see approach is working in your favor. Sellers, meanwhile, hold significant leverage — but overpricing still carries risk even in a market this tight.

Blount County Housing Market Update

Blount County continues its pricing convergence with Knox County. The median home price has settled into the $400K–$430K range, and the absorption rate is trending below 2.75 months, pushing Blount County into tight seller’s market territory that’s beginning to resemble Farragut’s competitive dynamics.

The county’s appeal as a Smoky Mountains-adjacent market offering real value compared to Sevier County continues to attract both primary-residence buyers and investors. If the absorption rate drops below 2.5 months, we’re looking at a pricing environment that strongly favors sellers through year end. Blount County is a market where the window for buyers to find relative value is narrowing, and it’s worth paying close attention to over the coming months.

Anderson County Real Estate: The Region’s Best Value

Anderson County is the best value story in East Tennessee, and June painted a compelling picture. Closings jumped 24.7% year over year, and new listings surged 33.3%, the strongest listing growth in the entire region. At a median home price of $377,000, Anderson County is the most accessible market in this report.

What makes Anderson County particularly interesting right now is that the supply increase is being met with proportional demand growth. Prices aren’t falling — they’re stabilizing. If listing growth continues while demand holds, the absorption rate could drift toward 3.5 months, giving buyers a slightly more balanced negotiating environment. The median should finish the year somewhere between $370K and $390K. For buyers who are feeling priced out of Knox County or Blount County, Anderson County deserves serious consideration. The market fundamentals are strong, the value is real, and the trajectory is encouraging.

Loudon County Housing Market: The Transformation Story of 2026

Loudon County is undergoing the most dramatic market shift in the region. Just 12 months ago, the absorption rate sat at 5.07 months — a soft, buyer-leaning market. Today it’s 3.63 months. Active listings are down 15.7% year over year. This market has gone from soft to competitive in a single year, and the momentum shows no signs of reversing.

Sellers in Loudon County have their strongest positioning in over a year. Expect median home prices to hold in the $580K–$625K range through year end, with potential for further appreciation if inventory continues its downward trajectory. If you’ve been on the fence about listing your Loudon County home, the data suggests your negotiating position is only getting stronger.

Lenoir City Real Estate: A Market at a Crossroads

Lenoir City is the market I’m watching most closely right now. The median home price surged 18.88% in June, the largest percentage gain in the region. But pending sales dropped 15.4%. That’s a tension that needs to resolve one way or the other, and the answer will shape Lenoir City’s trajectory for the rest of the year.

If June’s price jump was driven by a cluster of higher-priced closings in a small sample — what analysts call a sales-mix effect — then the median will normalize back toward the $490K–$510K range in coming months. But if it reflects genuine appreciation driven by Loudon County spillover demand, Lenoir City may be entering a new pricing tier permanently. The pending sales decline suggests some buyer resistance at the new price level. The next 2 months of data will be critical, and I’ll be reporting on exactly what they reveal.

Tellico Village Market Update

Tellico Village has decisively shifted into a seller’s market. The absorption rate sits at 3.6 months and is trending downward. The median home price is in the $650K–$700K range, and the sale-to-list ratio is 99.8%, meaning homes are selling at virtually full asking price.

The retirement and second-home buyer demographic that drives Tellico Village is less sensitive to mortgage rates than the broader market. Many of these buyers are paying cash or making large down payments, which insulates the community from rate volatility and gives sellers confidence to hold firm on pricing through the fall selling season. If you own a home in Tellico Village and have been thinking about listing, the market conditions are firmly in your favor.

Roane County Real Estate: A Dramatic Turnaround

Roane County’s turnaround is one of the most compelling stories in this report. Previously the region’s weakest price performer, Roane County posted one of the strongest gains in June — up over 14% year over year to a median of $385,500. Closings rose 19.3%, pending sales increased 11.4%, and the absorption rate sits at a healthy 3.24 months.

Roane County has established itself as a viable and increasingly popular alternative for buyers priced out of Knox, Blount, and Loudon counties. Expect the median to settle in the $350K–$385K range for the year, with the upper end more probable if current demand continues. This is a market that has earned serious attention from buyers looking for strong fundamentals at a lower price point.

Sevier County Housing Market: Still a Buyer’s Market

Sevier County remains the region’s outlier. The supply overhang sits at 9.29 months, which is far too large to work through in a single selling season. The structural issue is clear — the inventory is concentrated in investment properties and former short-term rentals that don’t attract the same organic, primary-residence demand driving the other 8 markets in this report.

There are positive signs. Closings rose 21.3% year over year in June, and the median home price is gradually recovering toward the $490K–$510K range. But sellers in Sevier County should continue to price aggressively and expect longer marketing times. The oil price spike adds particular risk here, because higher gas prices directly impact tourism-dependent economies and could shrink the pool of vacation-property buyers considering the Smokies.

East Tennessee Housing Market Forecast: Second Half of 2026

Here’s how the second half of 2026 is shaping up across the region.

Mortgage rates will trade between 6.4% and 7.1% through year end, with no rate cuts expected. Regional closings volume will moderate from June’s strong numbers but remain positive through Q3. Seasonal cooling will temper Q4 as it always does, but the floor for transaction volume is higher this year than it was last year. Prices across East Tennessee will appreciate at a moderate 3–7% year over year, with significant variation by market. Knox County stays stable, Farragut and Loudon County have the most upward pricing power, and Sevier County continues its gradual recovery.

The single most important variable for the second half is inventory. The lock-in effect — where homeowners with 3–4% mortgage rates face $800–$1,200 more per month if they sell and buy at today’s rates — will continue to suppress new listings as long as rates stay above 6%. Markets already tightening, including Farragut, Loudon County, Tellico Village, and Blount County, are likely to get even tighter through the summer.

How to Position Yourself in Today’s East Tennessee Market

The markets with the most pricing power heading into the second half are Farragut, Loudon County, and Tellico Village. Declining inventory and strong demand give sellers in these markets clear leverage.

The best value opportunities for buyers are in Anderson County and Roane County, where median prices sit well below the regional average while market fundamentals continue to strengthen.

Lenoir City and Blount County are the markets to watch most closely. Lenoir City needs to prove whether its price surge is sustainable, and Blount County’s absorption rate is approaching a tipping point into strong seller’s territory.

Sevier County remains the lone buyer’s market, with nearly 10 months of supply and structural inventory challenges that won’t resolve quickly.

The Bottom Line for East Tennessee Real Estate

Rates near 7% are the reality we’re working within, and every market in this report proved in June that transactions happen and value exists even at these levels. Inventory constrained by the lock-in effect is the dominant force shaping prices and competition across the region. And oil prices, driven by escalating tensions near the Strait of Hormuz, are the wildcard that could reshape the economic landscape in ways that ripple directly into our local communities.

Whether you’re buying or selling, the most important thing you can do right now is make decisions based on current conditions rather than hypothetical future ones. The data is clear, the trends are identifiable, and opportunities exist across every price point and market in East Tennessee.

If you’d like to talk through what the latest data means for your specific situation, I’m here to help. Reach out anytime for a no-obligation conversation about your next move in the East Tennessee housing market.

This analysis is based on MLS data downloaded July 13, 2026, with macroeconomic data current as of July 14 and 15, 2026.

East Tennessee & Knoxville Housing Market Update – August 2025

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Are you curious about the current real estate trends in Knoxville and East Tennessee? Whether you’re considering buying, selling, or investing, understanding the latest market shifts is essential for making the right move. Here’s a comprehensive, data-driven look at the August 2025 housing market update for East Tennessee and Knoxville, including prices, inventory, and expert insights.

East Tennessee & Knoxville Single-Family Housing Market Report – August 2025

Economic & Market Context (Applies to Both Markets)

  • Mortgage rates have dropped to the low 6% range (~6.29%), improving affordability and monthly payments for buyers.
  • Labor market data is a growing concern: National job growth over the past year was revised sharply lower, with only 22,000 jobs added in August and significant downward revisions in sectors like leisure, hospitality, retail, and business services.
  • Buyer confidence is mixed—improved by rate relief but tempered by employment insecurity.
  • Inventory is elevated across markets, providing buyers with more choices and reducing urgency.
  • Days on market and absorption rates are increasing, signaling a slower pace of sales and movement toward a more balanced or slightly buyer-leaning market.
  • Negotiability is up: Sale-to-list ratios are lower, and price reductions/concessions are more common.
  • Lending standards may tighten further due to economic uncertainty, limiting access for marginal buyers.

Supply, Demand & Pricing Dynamics (Shared Trends)

  • Active inventory is high vs. last year, keeping upward pressure off prices and giving buyers leverage.
  • New listings remain steady, showing seller engagement, but not enough to create excess supply.
  • Median sale prices are flat to modestly up, while average sale prices have been buoyed by upper-tier transactions.
  • Absorption rates are trending higher YoY, indicating more choices and slower turnover.
  • Days on market for sold listings have increased substantially, especially for homes not priced to current conditions.
  • Sellers must be realistic on pricing and incentives; buyers can negotiate more assertively, especially on stale listings.

Knoxville vs. East Tennessee: Key Differences & Local Nuance

1. Inventory, Absorption & Market Speed

  • Knoxville
    • Absorption rate: 2.94 months (Aug 2025), up 34% YoY—still somewhat seller-leaning but moving toward balance.
    • Active listings: ~1,600, with steady but not excessive new supply.
    • Average Days on Market: 46 (+35% YoY); Median DOM: 22 (+83% YoY).
    • Market is slightly faster than the broader East Tennessee region (which has a 4.82 month absorption rate and longer DOM), but both are slowing.
  • East Tennessee (Region-Wide)
    • Absorption rate: 4.82 months (Aug 2025), up 27% YoY—close to balanced, potentially tipping buyer-friendly if demand softens.
    • Average DOM: 63 (+37% YoY); Median DOM: 29 (+45% YoY).
    • More pronounced inventory build and slower pace overall vs. Knoxville.

2. Pricing Trends

  • Knoxville
    • Median list price: $415,000 (down 7.4% YoY).
    • Average sale price: $512,654 (up 10.5% YoY).
    • Median sale price: $390,888 (up 1.5% YoY).
    • Pricing reflects a sharper correction in list prices, with average sale price buoyed by upper-tier deals, but most sellers see little real appreciation.
  • East Tennessee
    • Median list price: $440,000 (nearly flat YoY).
    • Average sale price: $471,398 (up 6.8% YoY).
    • Median sale price: $376,200 (up 3.1% YoY).
    • List prices haven’t corrected as much as Knoxville, but the pattern of average prices outpacing median is similar, reflecting strength at the top of the market.

3. Negotiation & Sale-to-List Ratios

  • Knoxville
    • Sale-to-list ratios: 95–97% (lower than last year), with frequent discounts needed to close.
    • Median sale prices are often below median list prices, showing persistent buyer leverage.
  • East Tennessee
    • Sale-to-list price ratio: ~95%, also down YoY.
    • Negotiability is common across the region; sellers of aging inventory must stay flexible.

4. Market Segmentation & Buyer Behavior

  • Knoxville
    • Entry-level and mid-market segments ($250k–$400k): Most sensitive to job market fears; these buyers benefit from rate relief but are often sidelined by economic uncertainty.
    • Upper-tier sales ($400k+): Drive the average price higher, but volume is limited.
    • Homes priced right and move-in ready move fastest; stale inventory is slow to clear.
  • East Tennessee
    • Similar segmentation: Entry and mid-market buyers are most impacted by job and lending trends.
    • Upper-tier strength is evident but less concentrated than in Knoxville.
    • Market is generally a bit slower and more diverse across submarkets.

5. Risks & Outliers

  • Knoxville
    • List price declines are more pronounced than region-wide, suggesting sellers are adjusting expectations faster, or a higher share of affordable product is coming to market.
    • Market is less exposed to deep softening than some rural/outlying counties, thanks to more diversified local demand.
  • East Tennessee
    • Outlying areas may see greater inventory buildup and longer marketing times, especially if job losses are concentrated in specific towns or industries.
    • Region is somewhat more vulnerable to further economic shocks, particularly outside major metros like Knoxville.

Strategic Guidance for Both Markets

For Buyers

  • Assess job security and financial stability first—don’t overextend.
  • Negotiate confidently on older or price-reduced listings.
  • Take advantage of lower rates, but ensure full pre-approval and keep contingencies in place.

For Sellers

  • Price to current market—not to last year’s peak.
  • Expect longer marketing times and be ready for strategic concessions (rate buydowns, closing credits).
  • Invest in property condition and presentation to stand out.

For Investors

  • Underwrite with conservative rent and absorption projections.
  • Favor stable neighborhoods and properties with strong rental demand.
  • Prepare for higher vacancies or longer lease-up periods.

Outlook: What to Watch Through Year-End 2025

  • Pending sales and mortgage applications: Early signals for shifts in demand.
  • Local job market trends: Especially important in entry-level and service sectors.
  • Inventory build and price reductions: Especially if list prices keep falling in Knoxville.
  • Market speed: Any further rise in DOM or absorption signals softening.

Conclusion

Both Knoxville and the broader East Tennessee region are experiencing a market in transition, balancing improved affordability against weaker labor market data and rising inventory.

  • Knoxville is adjusting more quickly on price and remains a touch more resilient due to diverse demand, but is not immune to broader economic headwinds.
  • East Tennessee as a whole is trending toward a balanced or slightly buyer-leaning market, with greater risk of softening in less urban submarkets.
  • Success for buyers, sellers, and investors in either market hinges on realism, flexibility, and close attention to both local and macroeconomic trends as the remainder of 2025 unfolds.

Looking for advice specific to your neighborhood or price point?
Contact us for a custom market report or subscribe for monthly updates on Knoxville and East Tennessee real estate!

October 2024 Knoxville & East Tennessee Housing Market Update: Key Insights & Trends

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Welcome to your comprehensive October 2024 update on the Knoxville and East Tennessee housing markets! Whether you’re buying, selling, or just curious about the local real estate scene, we’ve got the latest insights and data you need.

Market Overview: East Tennessee

In October 2024, home sales in East Tennessee experienced a slight decline, down by 2.7% compared to last year. However, the inventory of homes surged by 37.9%, with new listings up by 7.1%. This increase in inventory provides more options for buyers, even as the market adjusts to rising interest rates and pre-election jitters.

Key Metrics:

  • Median Sales Price: $374,900 (up 7.11%)
  • Average Price per Square Foot: $225
  • Absorption Rate: 3.94 months (indicating more inventory and potentially less demand)

Despite fluctuations, East Tennessee’s housing prices remain stable to slightly rising, especially in high-demand areas.

Knoxville Real Estate Insights

Knoxville’s housing market shows resilience with home sales nearly steady, down just 0.2% from last year. The inventory increased by 31.4%, with new listings up by 1.5%. The city continues to see strong buyer interest, as reflected in the decrease in the absorption rate to 2.15 months.

Key Metrics:

  • Median Sales Price: $410,000 (up 9.63%)
  • Average Price per Square Foot: $230

Knoxville’s limited inventory suggests a continuing trend of rising home prices, driven by strong demand and insufficient supply.

County Breakdown

Roane County

  • Inventory Up: 22.6%
  • Median Sales Price: $340,000 (up 27.10%)

Knox County

  • Inventory Up: 34.3%
  • Median Sales Price: $400,000 (up 9.51%)

Anderson County

  • Inventory Up: 19.7%
  • Median Sales Price: $333,500 (up 17.02%)

Loudon County

  • Inventory Up: 47.6%
  • Median Sales Price: $629,000 (up 25.81%)

Sevier County

  • Inventory Up: 28.57%
  • Median Sales Price: $502,500 (down 1.48%)

Blount County

  • Inventory Up: 35.6%
  • Median Sales Price: $410,000 (up 12.3%)

Market Trends and Predictions

As we head into the end of the year, several factors will influence the Knoxville and East Tennessee housing markets:

  1. Interest Rates: Rising rates continue to impact affordability and buyer behavior.
  2. Inventory Levels: While inventory is up, it remains below pre-pandemic levels, keeping pressure on prices.
  3. Migration Patterns: Tennessee’s appeal due to its cost of living and quality of life continues to attract new residents, bolstering demand.

Conclusion

The Knoxville and East Tennessee real estate markets are navigating a complex landscape of increased inventory, rising prices, and changing buyer dynamics. For potential buyers and sellers, understanding these trends is crucial for making informed decisions.

If you’re considering buying or selling a home in Knoxville or East Tennessee, contact us at Cornerstone Realty Associates for expert guidance tailored to your needs.

Stay tuned for more updates as we continue to monitor the local real estate market. For personalized advice, reach out to Troy Stavros and the team at Cornerstone Realty Associates.

April 2024 Housing Market Update: Insights into Knoxville & East Tennessee’s Real Estate Trends

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As we delve into the bustling spring housing market of 2024, Knoxville and the broader East Tennessee area are witnessing significant growth and opportunities for both buyers and sellers. The latest data showcases a dynamic market, marked by increases in home sales, inventory, and median prices, promising an exciting landscape for potential homebuyers and investors.

Rising Trends in Home Sales and Prices in East Tennessee

In East Tennessee, the housing market has seen a robust increase in home sales, up 14.6% compared to last year, with pending sales rising by 10.1%. The inventory of available homes has surged by 35%, providing more options for buyers, while the median sales price has grown by 9.61% to reach $353,450. Knoxville, specifically, mirrors this positive trend with home sales up 16% and median sales prices increasing by 5.48% to $385,000. This upward trajectory in both areas underscores a strong seller’s market, albeit with plenty of opportunities for buyers keen to enter the market.

Inventory and Market Dynamics in Knoxville

The increased inventory, up 36.4% in Knoxville, is a crucial factor for the market dynamics. Despite more homes being available, the absorption rate indicates that demand remains high, as homes continue to sell quickly, often close to their listing prices. The current absorption rate in Knoxville stands at about 1.49 months of inventory, signifying a seller’s market where demand outstrips supply.

East Tennessee Price Points and Buyer Activity

The $300,000 to $400,000 price range is particularly active, with the highest number of sales and new listings occurring within this bracket. This suggests that mid-range homes are the most sought after, likely due to their appeal to a broad segment of buyers, from first-time homeowners to more established purchasers looking to upgrade.

Regional Highlights and Variances

While the overall market is booming, regional variances provide deeper insights. For instance, Roane and Loudon Counties are experiencing notable increases in their median sales prices—18.18% and 16.18%, respectively. In contrast, Sevier County sees a slight downturn in pending sales by 17.01%, attributed mainly to a dip in investment property purchases due to higher interest rates affecting profitability.

Economic Factors Influencing the Housing Market

The housing market’s vibrancy can also be linked to broader economic indicators. Interest rates and the ‘lock-in effect’—where homeowners are disinclined to sell due to higher rates on new mortgages—are influencing buying and selling behaviors. Additionally, inflation rates, although slowed to 3.5% from a peak of 9%, continue to impact the purchasing power and investment decisions of individuals.

A Look Ahead

As we progress through 2024, monitoring shifts in inventory, median prices, and buyer-seller dynamics will be crucial for anyone engaged in the Knoxville and East Tennessee housing markets. For those considering entering the market, these insights provide a valuable gauge of when to buy or sell, ensuring decisions are well-informed and timely.

Conclusion

With a robust market characterized by growth in sales and an influx of new listings, Knoxville and East Tennessee present fertile ground for real estate activities. Whether you’re a first-time buyer, a seasoned investor, or somewhere in between, staying attuned to these market updates will guide you towards making optimal real estate decisions in this vibrant regional market.

For personalized advice and more detailed information about specific neighborhoods or property types in Knoxville and East Tennessee, don’t hesitate to reach out to Troy Stavros with Cornerstone Realty Associates. With years of expertise and a deep understanding of the local market, Troy is your go-to resource for all your real estate needs. Call today at 865-999-0925 to discuss how you can maximize your real estate opportunities in this dynamic market. Stay updated and make the most informed decisions with our monthly real estate market insights.

Unveiling the Spring 2024 Real Estate Trends in East Tennessee and Knoxville: MARCH UPDATE

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As we transition into the vibrant spring season, both the East Tennessee and Knoxville real estate markets are showing dynamic shifts that could influence your decision to buy or sell property. In this blog post, we’ll delve into the latest market statistics from March 2024, offering insights for homeowners, buyers, and sellers in these areas.

Market Overview: East Tennessee

The East Tennessee real estate market has experienced a significant transformation compared to March of last year:

  • Home Sales: Home sales have slightly declined by 10.3%.
  • Pending Sales: On a positive note, pending sales have increased by 8.2%.
  • Inventory Growth: There is a noticeable 31.4% rise in home inventory, indicating more options for buyers.
  • New Listings: New listings are up by 7.3%.
  • Median Sales Price: The median sales price has increased by 8.36% to $350,000, reflecting continued demand.
  • Price Per Square Foot: The average sold price per square foot now stands at $209.

These trends suggest a robust market, with a healthy balance between rising inventory and strong demand, hinting at a favorable environment for buyers looking to invest and homeowners considering selling.

Knoxville’s Real Estate Dynamics

Knoxville’s market dynamics are slightly different, with subtle yet positive changes:

  • Home Sales: Home sales have marginally increased by 1%.
  • Pending Sales: There is a stronger growth in pending sales at 8.8%.
  • Inventory Availability: A significant 30.3% increase in inventory suggests a shift towards more buyer options.
  • Median Sales Price: The median sales price in Knoxville has risen by 8.48% to $385,000.
  • Price Per Square Foot: The price per square foot has increased to $214.

Despite more homes being available, the market remains competitive, especially for properties in desirable locations or in top condition, which often receive multiple offers.

What This Means for You

  • Buyers: The increase in inventory and variety of price points from $250,000 to $400,000 offers multiple options. It’s essential to engage with a knowledgeable realtor who can navigate you through competitive offers and help secure your ideal home.
  • Sellers: With prices continuing to rise and a competitive market, now might be an optimal time to consider listing your property. Preparing your home for sale and pricing it correctly are crucial steps to attract serious buyers quickly.

Conclusion

As we look ahead, both East Tennessee and Knoxville are poised for continued growth. The trends indicate a strong market with opportunities for both buyers and sellers. Whether you’re looking to buy your first home, invest in properties, or sell your current home, understanding these market dynamics can significantly influence your decisions and strategies.

Ready to Take the Next Step? Contact Troy Stavros Today!

If you’re considering buying or selling in the East Tennessee or Knoxville areas, or if you just have questions about the local real estate market, don’t hesitate to reach out. Troy Stavros and the team at CornerStone Realty Associates are here to help you navigate the real estate landscape with expert advice and unparalleled service. Call us today at 865-999-0925 to discuss your real estate needs and how we can assist you in achieving your property goals. Let’s make your real estate dreams a reality!