865 Real Estate

East Tennessee Real Estate & Neighborhood Source

Almost Half of the Homes Sold in Farragut in March were CASH or At or Above List Price!

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Almost 1/2 (45%) of the homes sold so far in March in Farragut have been for cash or at/above their listing price (some both). We saw some sell for over $100K above their list price! I go over these sales in the video along with the breakdown of the sold prices and subdivisions. Lack of inventory and consistent demand is still pushing prices higher both in Farragut and most of East Tennessee. Don’t believe what you are hearing on the national news. For example, the national news reported that data through the end of February showed the first Year over Year reduction in the median sales price of homes nationally. However, in Knoxville, we saw a $30,000 increase in the median sales price compared to the end of February last year. Always remember, real estate is LOCAL and sometimes HYPER-LOCAL.

Have questions? Wondering what your home might be worth in today’s market? Contact the Troy Stavros TEAM with CornerStone Realty Associates today at 865-999-0925. We look forward to serving you!

Homes for sale in East Tennessee : MARCH 2022 Housing Market Update

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In today’s video, we dive into the East Tennessee real estate data for the month of March 2022 to see how the East Tennessee housing market is doing compared to one year ago.

We will look at the inventory of active homes for sale in East Tennessee. Homes for sale in Knoxville TN, homes for sale in Farragut TN, homes for sale in Knox County TN, homes for sale in Loudon County TN, homes for sale in Anderson County TN, homes for sale in Roane County TN, homes for sale in Blount County TN, and homes for sale in Sevier County TN. We will also look at what has happened to the median sales price of homes over the last year in those areas of East Tennessee. We will discuss the real estate data and how it affects buyers and sellers in today’s East Tennessee housing market. We discuss the extremely hot market for real estate investing in Sevier County and the areas of Gatlinburg, Pigeon Forge and the Smoky Mountains.

Here is some basic real estate data and news in regards to the East Tennessee housing market not covered in the video that covers the housing market ending in 2021 and the last few months:

Seasonally adjusted home sales in the Knoxville TN Area declined 6.1% in March despite continued year-over-year gains.

Key Highlights:

-Knoxville, TN area home sales were strong in March — up from the prior month and 13% from a year ago.

-Median home sales price in East Tennessee was $301,880 in March — up 21% from a year ago.

-Total housing inventory in Knoxville TN declined for the sixth consecutive month — down considerably from a year ago and enough to last less than one month at the current sales pace.

-Half of the homes sold in Knoxville TN in March were on the market for less than 4 days.

Bottom Line: Seasonally adjusted home sales in East Tennessee declined for the fourth consecutive month, a clear sign that lack of supply is constraining the market and hampering further gains. Rising sale prices in Knoxville TN combined with further median DOM decreases suggest demand remains high — and likely to remain elevated throughout the year. At this point, there are no indications that supply will rise in the short term.

A scientific poll commissioned by KAAR (Knoxville Area Association of REALTORS) in March shows more than 1 in 3 registered voters — 34 percent — indicated housing affordability in the Knoxville TN area was a very or fairly big problem. 28 percent said the same about housing availability. That being said, Urban Land Institute’s Terwilliger Center Home Attainability Index for 2021 ranks Knoxville, TN as the 5th most affordable region in the United States.

In their latest migration trends report comparing cities across the country, U-Haul ranked Knoxville No. 7 on its list of top 25 U.S. growth cities.

Have questions or need help in today’s crazy East Tennessee housing market? Contact the Troy Stavros team at CornerStone Realty Associates at 865-999-0925 today. We are here to serve you! #chimein #888388DOOR

Farragut Homes by Price